Petrol and diesel prices could be cut marginally after more than a year following profits reported by oil marketing companies (OMCs) in the fourth quarter of FY23 as the global crude prices softened.
However, motorists would wait to see the first quarterly performance of the current fiscal before they pass on the benefits.
The state-owned oil firms are studying the likely impact on their financials following Saudi Arabia’s decision to cut production and also hike the official selling price for July shipments.
