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OMCs IndianOil, HPCL and BPCL can take their own decision, says Petroleum Minister on oil prices

May 23,2022

OMCs IndianOil, HPCL and BPCL can take their own decision, says Petroleum Minister on oil prices

New Delhi: India’s Union Minister for Housing & Urban Affairs and Petroleum & Natural Gas Hardeep Singh Puri said that the Oil Marketing Companies like Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are to set the guel prices and can take the decision by their own. This statement has been released in an exclusive interview with CNBC-TV18.

However on Saturday the Central Governmnet gas announced the cut in excise duty on petrol and diesel by Rs 8 & 6 per litre simultaneosly.

As he quoted, "OMCs are also responsible citizens, they are very strong stakeholders in our system, Clearly they do their own decision making.

He also added that I can not tell what OMCs can do or can't do. 

However on oil price hike he also states that whenever oil supply has not matched demand, global economy has reeled under impact of high prices. Oil prices at $110/barrel are simply not sustainable & will undermine global economic activity.