OMCs Have Scope To Reduce Fuel Prices In Future, Says Puri

THERE IS HEADROOM to cut petrol, diesel prices for the Indian oil marketing companies if the trend of lower crude oil prices continues, Union oil minister Hardeep Singh Puri said on Tuesday.

- FE BUREAU

OMCs should be able to reduce fuel prices even if crude oil prices reach $65 per barrel, he added.

Global crude oil prices have crashed to $63-65 per barrel (bbl) currently from above $77/bbl as on March 31, owing to growing fears of a global recession with retaliatory tariffs being announced by China.

Additionally, the planned production increase by the Organisation of Petroleum Exporting Countries and allies is also contributing to downward pressure on crude prices, said Prashant Vasisht, senior vice president and co-group head, ICRA.