The Petroleum Ministry is set to implement revised margins for dealers and oil marketing companies (OMCs) starting November 1. Recommendations suggest that dealers’ margins on petroleum products are poised for a raise of Rs0.88 per litre.
In contrast, OMCs can anticipate a boost of Rs0.47 per litre to their profit margins. As of now, the OMC profit margin stands at Rs7.41 per litre for petrol, with dealers reaping a profit margin of Rs8.23 per litre. For diesel, the OMC margin remains consistent at Rs7.41 per litre.
Anticipated Decline in Petroleum Prices
In parallel with these adjustments, there’s optimistic news for consumers. Petroleum prices are projected to witness a downward trajectory for the third successive fortnight. This anticipated decline is attributed predominantly to favorable exchange rate developments. Insiders predict a drop in the High-Speed Diesel (HSD) price by approximately Rs5-6 per litre, positioning it below the Rs300 per litre mark. This is, however, contingent upon the caretaker government’s stance on the petroleum levy. Similarly, petrol prices are set to decrease, potentially by around Rs18 per litre.
All eyes are now on the caretaker government, which is slated to make a definitive announcement about fuel price reductions on October 31. The impending decision holds significant implications for both the petroleum industry and consumers at large.
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