Petrol and diesel prices today remain unchanged despite the West Asia crisis, but Petroleum Minister Hardeep Singh Puri warned that oil companies are logging daily losses exceeding Rs 1,000 crore. Retailers, squeezed by these pressures, may force the government to take a call on price hikes soon, even as prices at the pump have held steady.
India’s Oil Minister Hardeep Puri says the public can expect reassurance on potential fuel price hikes, but he admits oil companies are under real strain. He argues the key is acting early to manage the economic pressure created by current pricing approaches, implying losses cannot be absorbed forever without policy changes.
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Indane LPG customers receiving subsidised cylinders are now getting warning messages that trigger a verification process. Oil firms are cross-checking consumer details with Income Tax records, and households with taxable income above Rs 10 lakh could lose the subsidy permanently. Customers get just seven days to respond if they believe the information is wrong, aimed at redirecting benefits to eligible families.
India’s state-run oil companies reportedly incurred losses of about Rs 30,000 crore, even as fuel and LPG prices were held steady during a global energy disruption. The move helped ensure uninterrupted supplies for consumers. Government excise duty cuts further cushioned the financial blow, setting India apart from countries where retail fuel prices jumped sharply.
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