Petrol, Diesel Prices Likely to Rise as Oil Firms Review Rates

Oil Marketing Companies (OMCs) are reportedly considering an increase in petrol and diesel prices across the country. According to reports, the revision comes after public sector oil companies incurred significant losses following the Central Government's decision on June 12 to reduce excise duty on fuel. Industry estimates suggest the losses are around ₹12,000 crore.

To compensate for these losses, oil companies are exploring the possibility of revising fuel prices. If approved, petrol and diesel rates could increase in the coming days. However, no official announcement has been made yet regarding the extent of the hike or the implementation date. Consumers are advised to wait for an official notification before drawing conclusions.