NEW DELHI: Petroleum minister Hardeep Singh Puri on Friday hinted at a possible reduction in fuel prices in the country if the oil marketing companies (OMCs) turned out to be in profit in the fourth quarter. “If you ask them (oil companies), they would say their profit has come down... but they have recovered. The OMCs like Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have consistently reported profits over the last three quarters. In the third quarter of FY24 alone, these companies collectively reported a profit of Rs 11,773.83 crore. Their combined profits over the past three quarters have surpassed Rs 69,000 crore, exceeding their annual earnings from pre-oil crisis years.

Source: Indian Express February 24, 2024 00:51 UTC