Back'Oil cos losing Rs 1,000 crore a day': Hike in prices imminent, hints Petroleum minister Puri

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Times of India12.05.2026GeneralIndia

'Oil cos losing Rs 1,000 crore a day': Hike in prices imminent, hints Petroleum minister Puri

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Public sector oil companies are facing daily losses of Rs 1,000 crore, potentially forcing fuel price hikes soon. Minister Hardeep Singh Puri highlighted significant under-recoveries, warning that companies cannot sustain these losses indefinitely. While elections are not the reason for the freeze, a drop in crude prices or reopening of the Strait of Hormuz could offer relief.

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