A fuel price hike could be on the horizon due to elevated global crude oil prices and losses of oil marketing brands. “Oil companies are losing…Rs 1,000 crore every day…losses are Rs 1 lakh crore if you look at the quarter. In that context, how long can you keep it like this?” Minister of Petroleum and Natural Gas Hardeep Singh Puri said at a business summit on Tuesday. Crude oil prices have gone up from 65 dollars to 115 dollars, he added.
When asked how long oil companies could continue absorbing losses, Puri said, “Frankly, that is something that worries me. At some stage, the government will have to take a view on that.”
