The Ministry of Petroleum and Natural Gas will push for government relief for oil marketing companies (OMCs), which are reeling from losses and underrecoveries on the retail sale of petrol and diesel, Oil Minister HS Puri said on Wednesday.
When asked if the Petroleum Ministry will seek relief for OMCs, Puri said, “An emphatic yes. OMCs are facing under-recoveries on diesel. The government is seized with the issue.”
The under-recovery on diesel is around ₹26-27 per litre, while the actual cash loss is around ₹4-4.5 per litre.
Asked about a cut in retail prices of petrol and diesel, the Minister said, “So far, the Prime Minister has ensured that even when the price went up, the consumer was not burdened. With quiet confidence, we will navigate it both in terms of energy availability and affordability.”