Industry Odisha Bureau, May 19: Justifying the hikes in the prices of petrol and diesel being effected of late including today, the Government of India (GoI) has reportedly argued that the state-owned Oil Marketing Companies (OMCs) have lessened their cumulative daily losses to Rs 750 crore from Rs 1,000 crore soon after the first hike of Rs 3 per litre in the prices of petrol and diesel imposed on May 15, but the losses still remain significantly under-recovered.
Petroleum Ministry Joint Secretary Sujata Sharma in her media reactions yesterday reportedly said, “The cumulative daily loss of the three OMCs—Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited—stands at ₹750 crore following the recent hike, but remain significantly under-recovered.”
She reportedly explained that the hike in the fuel prices is aimed at lessing the cumulative daily losses absorbed by the OMCs triggered by the soaring international crude oil costs, while the burden was earlier not fully passed on to the common consumers.
She also reportedly informed that “India would continue to procure oil from Russia despite the expiry of the waiver on US sanctions as per the commercial decisions taken by oil companies based on national requirements and economic considerations.”
Reportedly, Union Petroleum Minister Hardeep Singh Puri had also informed last week that, “the OMCs are facing a daily under-recovery of Rs 1,000 crore, while the combined under-recoveries still amounts to Rs 1 trillion every quarter.”
