Petrol and Diesel Price Update: Good news for the common man! The cost of petrol and diesel might go down by Rs 10.
The government’s oil companies are thinking about reducing the prices to give relief.
A report from Hindustan Times mentions that oil companies could make a profit of Rs 75,000 crore in the December 2023 quarter,
and because of this, they might lower the prices of petrol and diesel. This move could also help control inflation.
There hasn’t been any change in prices since April 2022
Government fuel retailers haven’t adjusted the prices of petrol and diesel since April 2022. However, now they are thinking about reviewing the prices.
Officials suggest that oil marketing companies (OMCs) could have a profit margin of Rs 10 per litre, and this benefit might be passed on to customers.
Oil marketing companies are making significant profits
Sources indicate that three oil marketing companies (OMCs) have earned substantial profits in the first half of the financial year 2023-24, showing a 4917 percent increase compared to the previous financial year.
A source explains, ‘Due to higher marketing margin on the sale of petrol and diesel, these companies have made huge profits in the first and second quarter of the financial year 2023-24, and this trend may continue in the third quarter.
Because of this, the companies may consider reducing the prices of petrol and diesel by Rs 5 to 10 per liter by the end of this month.
In the July-September quarter, Hindustan Petroleum Corporation Limited (HPCL) recorded a consolidated net profit of Rs 5826.96 crore.
This boost in profits was due to low crude prices and a higher gross refining margin (GRM).
Similarly, Bharat Petroleum Corporation Limited (BPCL) made a consolidated net profit of Rs 8244 crore in the September 2023 quarter.
