Union Petroleum Minister Hardeep Singh Puri stated that oil marketing companies (OMCs) faced a loss of ₹74,781 crore by June 30 due to selling petrol, diesel, and LPG below production costs. Despite international crude prices recently dropping, companies are still processing stock bought earlier at higher rates. Therefore, an immediate price cut is unlikely. However, if crude oil prices remain low for the next 2-3 months, the government may consider reducing fuel prices. He also noted that India's fuel price hike was significantly lower compared to neighboring and developed countries during the global crisis. https://zeenews.india.com/hindi/zeeodisha/trending/petrol-diesel-price-reduction-possible-if-crude-prices-stay-low-says-puri/3259513 #creator program