Oil marketing companies seeking ‘relief’ as under-recoveries mount: Hardeep Singh Puri

Another round of fuel price increases by oil marketing companies (OMCs) may be in the offing. Minister for petroleum and natural gas Hardeep Singh Puri on Thursday said state-run fuel retailers have knocked on the doors of the government seeking “relief” even as he said that “pricing is their decision.”

Retail fuel prices have been on hold over the last seven weeks, even though crude prices continued to remain elevated. The recent cuts in assorted taxes — in the form of additional excise duty and cesses — by the Centre have given some relief to the consumers, but the OMCs’ margins continue to be under pressure.