New Delhi, May 18 -- The Indian Public sector Oil Marketing Companies (OMCs) have managed to reduce their losses to Rs 750 crores a day down from Rs 1000 crores a day earlier amid the ongoing West Asia crisis that has been putting pressure on the oil companies due to disruption in crude oil supplies. The update was given to media by Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas during an Inter-Ministerial press briefing on Monday.

This development comes after the Public sector oil marketing companies (OMCs) increased petrol and diesel prices by Rs 3. The Compressed Natural Gas prices were also increased by Rs. 2 in cities like Mumbai and Delhi.

Last week, Union Minster of Petroleum and Natural Gas, Hardeep Singh ...