New Delhi, July 3 -- Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday stated that a reduction in retail petrol and diesel prices would become a "legitimate question" if global crude oil prices stabilise at their current levels for the next few weeks, though he maintained it was too early to speculate on an immediate price cut.

Addressing a press conference, Puri provided crucial context regarding the financial state of national Oil Marketing Companies (OMCs), revealing that they had previously absorbed massive financial shocks to insulate consumers from global market volatility.

"Oil marketing companies had incurred losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel, and LPG below cost. R...