Puri pins fuel price cut hope on stable oil

VARANASI: Oil minister Hardeep Singh Puri on Sunday “requested” state-run oil companies to consider reducing fuel prices if international crude prices stabilise in the coming days and their losses were gone.

“I would request the oil companies (state-run fuel retailers) that in the coming days, if international oil prices remain under control and their under-recoveries were gone they could look at reducing (fuel) prices a little,” Puri told reporters on Sunday.

But it may be too soon to expect a cut as trade data indicates companies are making a profit of Rs 5 on a litre of petrol but still losing about Rs 13 on diesel.