In the backdrop of the West Asia crisis, the Indian oil marketing companies (OMCs) have largely not passed on the price hike to consumers across the South Asian, however, this move pinches the central administration pocket by Rs 14,000 crores on a monthly basis.
Sujata Sharma, Joint Secretary at MoPNG, said that OMC's continue purchasing "expensive crude oil, gases, and LPG" but refrain from passing on the cost to consumers. Additionally, she noted that to support OMC's the centre has slashed the excise duty, which has lead to a "Rs 14,000 crore" monthly pressure.
The Petroleum Ministry official also noted that OMC's usually spend between Rs 1,30,000 crore to Rs 1,70,000 crore in terms of annual capital expenditure.
Further, she stated that the under recovery when it comes to petrol, diesel, and LPG stands at Rs 30,000 crore in a month.
Meanwhile, there are 13 Indian-flagged ships to the west of the Strait of Hormuz, according to an Minsitry of Shipping official.
He noted among these vessels there was one LPG tanker, five crude oil tankers, and chemical tanker.
As of 4:06 PM, the prices of WTI crude stood at $94.76 per barrel, while the Brent crude rate stood at $100 per barrel.
-
‘Funds Are There’: Stalin Hits Back At Vijay’s ‘Empty Treasury’ Claim
-
Is Your ‘Beauty Sleep’ Actually Ageing You?
-
Sikkim State Dear May Day Bumper Lottery 2026: Check ₹3 Crore First Prize, Draw Date, Ticket Price & Full Prize Details
-
CSK vs LSG, IPL 2026, Match 53: Ruturaj Gaikwad Won Toss & Elected To Bowl First In Chennai
-
'My Children Are Being Brainwashed Against Me': Celina Jaitly Pens Heartbreaking Note Mother's Day Amid Divorce Battle
