Oil prices down but firms still processing crude bought mid-war, says Minister Puri – Here’s a look at the losses OMCs faced | Today’s news
Union Petroleum Minister Hardeep Puri today said that while international oil prices have come down, state-owned oil marketing companies (OMCs) are still processing crude bought at the height of the West Asia war, according to a PTI report.
He further stated that the oil companies suffered a loss ₹74,781 crore by selling petrol, diesel and liquefied petroleum gas (LPG) below cost in the period up to June 30, the report added.
“Diesel has suffered ₹74,781 crore loss on selling petrol, diesel and LPG below cost in the period till June 30. “International oil prices have fallen, but companies are still processing oil bought at the height of the crisis in West Asia,” he said.
On whether there will be a cut in petrol and diesel prices, the minister said the question will be a legitimate one if oil prices remain low in the coming weeks.
(This is a breaking story, more updates to come…)
