These adjustments could provide relief at petrol pumps, especially in light of the upcoming 2024 Lok Sabha elections. State-owned oil companies are thinking about a potential move to reduce petrol and diesel prices by up to ₹10 per litre next month, aiming to ease financial pressure on drivers and address inflation concerns. These adjustments could provide relief at petrol pumps, especially in light of the upcoming 2024 elections. “Due to higher marketing margin on the sale of fuels, the three OMCs (oil marketing companies) posted significant net profit in Q1 and Q2 [of FY2023-24] and the trend will continue in Q3. After results by the end of this month, they may consider reducing petrol and diesel rates between ₹5 and ₹10 a litre, keeping some cushion for the future spike in international oil prices.

Source: dna January 17, 2024 06:32 UTC