'OMCs may review fuel prices if crude stays low'
new delhi, July 3 -- Union petroleum and natural gas minister Hardeep Singh Puri on Thursday indicated that state-run oil marketing companies (OMCs) could review petrol and diesel prices in the next two to three months if international crude prices remain subdued and stable at current levels.
Addressing a press briefing, Puri said OMCs absorbed much of the surge in global crude prices driven by the West Asia conflict instead of passing the burden on to consumers, limiting the increase in retail fuel prices.
"If the question is, when will you break prices down? Well, they (OMCs) are still carrying the stock which was bought at a higher price with higher insurance, higher freight rates. If this (low crude prices) persists next two, three mont...
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