NEW DELHI: The prices of petrol and diesel in India are likely to get cheaper in the days ahead.
According to reports, the government is expecting the oil marketing companies (OMCs) to slash fuel prices soon.
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Cut in fuel prices is expected as the OMCs reported considerable profits in the fourth quarter of 2022-23 fiscal year.
With OMCs gaining profits, the OMCs are now being expected to slash the prices of petrol and diesel for the benefit of the common masses.
Following the profits of the OMCs in the 2022-23 fiscal year, their performances are now “close to normalcy”.
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State-run OMCs — Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) — registered huge profits in the March quarter.
This helped resulting a decline in crude oil prices.
Furthermore, the OMCs are also expected to have good profits during the next quarter (Q1FY24) as well.
Gas prices also likely to dip in the next few months, due to rising supplies in the market.