NEW DELHI: Petroleum minister Hardeep Singh Puri on Wednesday said there is no immediate reduction in fuel price in the country. The minister, addressing the press, clarified that there have been no discussions with the oil marketing companies (OMCs) regarding potential price cuts. “There has been no discussion with OMCs on any such issues. We are in a very highly turbulent situation and there are two areas on the global map which are in conflict situations,” he said.
As crude oil prices cooled down in the international markets, trading at around $75 per barrel, marking a significant drop from the previous $80 per barrel, speculations arose regarding potential price reductions by oil companies in the domestic market for petrol and diesel. Major oil companies such as Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) posted profits in the recent quarter.
IOCL reported a consolidated net profit of Rs 12,967 crore in the second quarter, while BPCL and HPCL registered consolidated net profits of Rs 8,501 crore and Rs 5,827 crore, respectively, in the quarter ending on September 30.
The minister highlighted that oil marketing companies (OMCs) have incurred losses due to the high crude prices in the international market. On the import of Venezuelan oil, the minister stated that India is open to purchasing oil from any country that is not under sanctions.
Govt launches OLAP bid round-IX for 10 coal blocks
NEW DELHI: Petroleum ministry on Wednesday signed contracts for 10 blocks awarded under the Open Acreage Licensing Policy (OALP) Bid Round-VIII. Three coal bed methane (CBM) blocks were awarded under special CBM bid round-SCBM 2022. Ten blocks covered in VIII Bid Round. ENS