Retail prices of petrol and diesel are likely to be cut by state-run oil marketing companies (OMCs) to some extent, just ahead of the general election scheduled in April if crude prices remain below $80 a barrel through this period, sources said.
The OMCs could have cut prices now as the crude prices are hovering below $80/barrel, a threshold for doing so, but for the heightened uncertainties due to geopolitical tensions. A retail price cut now would have made it difficult for OMCs to raise prices till elections were over even if crude prices shot up.
