Oil marketing companies likely to cut petrol-diesel prices: Report

Oil marketing companies (OMC) are likely to reduce prices of petrol and diesel, according to government sources.

The companies have almost recovered their losses and are nearing normalcy as evident by their positive quarterly results. As a result, the expectation is for the companies to lower the prices of petrol and diesel since they no longer face under-recoveries in these fuels, according to the source from the government said on Wednesday.

“OMCs have good quarterly results and they are going for another good quarterly results. So, expecting OMC’s to cut down the diesel petrol prices as they have no under-recoveries on diesel and petrol,” the source said.