The government’s latest directive to Oil Marketing Companies (OMCs) to bear the burden of fuel price cut by Re 1 per litre in the retail rates of petrol and diesel is likely to hit the collective net profit of the three OMCs by Rs 4,500 crore in the rest of the financial year ending March 2019.
The three OMCs collectively recorded a net profit of Rs 38,775 crore last financial year ended March 2018.
With this decision, the government has taken the OMCs back to pre de-regulation era, when it used to have a major say in pricing of petrol and diesel, a senior official at one of the OMCs told ETEnergyworld. Read more
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