A Rs 3-per-litre increase in petrol and diesel prices has helped state-run oil marketing companies trim daily losses by nearly a quarter, reducing overall losses to around Rs 750 crore per day from Rs 1,000 crore, a senior oil ministry official said Monday.
However, elevated global crude prices and a weak rupee continue to keep pump rates below cost-recovery levels.
At a news briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said a bailout package, in the form of a government subsidy to make up for losses state-owned oil companies are incurring on selling petrol, diesel and cooking gas LPG below cost, is “still not on the table”.
International oil prices rose sharply after the US-Israeli war against Iran triggered the largest-ever oil supply disruption. To keep the domestic market insulated, the state-owned oil companies continued to sell fuel at two-year-old rates till May 15, when prices of petrol and diesel were raised by Rs 3 per litre.
TheA Rs 3-per-litre increase in petrol and diesel prices has helped state-run oil marketing companies trim daily losses by nearly a quarter, reducing overall losses to around Rs 750 crore per day from Rs 1,000 crore, a senior oil ministry official said Monday.
However, elevated global crude prices and a weak rupee continue to keep pump rates below cost-recovery levels.
At a news briefing, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said a bailout package, in the form of a government subsidy to make up for losses state-owned oil companies are incurring on selling petrol, diesel and cooking gas LPG below cost, is “still not on the table”.
International oil prices rose sharply after the US-Israeli war against Iran triggered the largest-ever oil supply disruption. To keep the domestic market insulated, the state-owned oil companies continued to sell fuel at two-year-old rates till May 15, when prices of petrol and diesel were raised by Rs 3 per litre.
The Latest News [ SOBAN NEWS: International and National ]
