Just ahead of the general elections, the state-run oil marketing companies (OMCs) are likely to reduce the retail prices of auto fuels, if their fourth-quarter earnings are supportive. Union minister for petroleum and natural gas Hardeep Singh Puri said on Friday: “The last three quarters’ profits (of OMCs) were good. If the fourth quarter (profits) are also good, then (they) could start looking at (cut in retail fuel prices). Then, there will be basis for that expectation (of price cut by consumers).”
