OMCs are under scrutiny as crude oil reaches a 1-year low; BPCL and HPCL are up 5%

Oil marketing companies (OMCs) are under scrutiny as crude oil reaches a 1-year low. The government has asked OMCs to pass on the benefit of lower crude oil prices to consumers. However, the OMCs have not been very forthcoming in doing so. As a result, the government is now looking at ways to force the OMCs to pass on the benefit of lower crude oil prices to consumers.

One way the government is looking at is to ask OMCs to sell petrol and diesel at a discount to the prices they charge at international airports. This would effectively force the OMCs to sell petrol and diesel at a lower price in the domestic market.

The other way the government is looking at is to ask OMCs to sell petrol and diesel at a fixed price for a certain period of time. This would give OMCs some respite from the volatile crude oil prices, and at the same time, ensure that consumers get the benefit of lower crude oil prices.

The government is still to take a final decision on the matter. However, it is clear that the OMCs are under pressure to pass on the benefit of lower crude oil prices to consumers.

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