Oil Minister Hardeep Singh Puri on Sunday hoped petrol prices will be reduced no sooner state-owned oil companies recoup past losses.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. The losses incurred are now being recouped after oil prices slid.
“I will hope if under-recoveries (or losses) end, prices should come down,” he said at an event here.
Softening of international prices from multi-year peak hit last year had led to companies making profit on petrol but they continue to incur losses on diesel.
