Minister Puri on Diesel Price Cuts: Oil Companies Losing Money
- On Wednesday, Oil Minister Hardeep Singh Puri said PSU oil companies are losing Rs 4 per litre on diesel while their margins have gone positive on petrol.
- Puri said his ministry will seek compensation for the three fuel retailers—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL)—for holding petrol and diesel prices since the Ukraine war to battle inflation.
- Puri said oil companies lowered prices during significant volatility to help consumers.
- The three fuel merchants lost over Rs 19,000 crore in the April-June quarter and are anticipated to lose again.