Government says no plan to hike fuel prices despite OMCs incurring losses

NEW DELHI: The authorities connected Thursday said determination was nary program to summation retail prices of petrol and diesel contempt lipid refiners incurring losses amid volatile crude prices successful the planetary marketplace owed to the West Asia conflict.Sujata Sharma, associated caput successful the petroleum and earthy state ministry, said the authorities has kept pump prices unchangeable adjacent arsenic lipid selling companies were making under-recoveries of astir Rs 20 per litre connected petrol and Rs 100 per litre connected diesel. She added that the excise work was reduced by Rs 10 per litre connected car substance successful March to guarantee the load of rising crude prices does not get passed connected to consumers."There has been nary hike successful the prices of petrol and diesel since April 6, 2022.

Rather, excise work was chopped successful 2022, and prices were reduced successful 2024. On March 27 this year, the authorities again reduced excise work by Rs 10 per litre connected petrol and diesel to support prices unchangeable successful the home market," Sharma said, adding that the authorities has besides imposed a taxation connected substance exports to "motivate" refiners to prioritise home sales.Earlier successful the day, the petroleum ministry dismissed reports suggesting a terms hike successful petrol and diesel aft the assembly elections, and said that determination was nary specified connection nether the government's consideration. It besides termed the reports "mischievous and misleading" and said that they were "designed to make fearfulness and panic".