The 3 govt-owned OMCs-IndianOil, BPCL and HPCL-together meet the country's entire LPG cylinder demand

After consumers exhaust the year’s quota of six subsidised liquefied petroleum gas (LPG) cylinders announced by the Union government, oil marketing companies (OMCs) would charge them at the market rate for additional cylinders. This is despite several Congress-ruled states saying they would provide three additional subsidised cylinders. For these states, OMCs want the price differential for the cylinders to be transferred directly to consumers.

Ruling out any further hike in the prices of diesel and domestic LPG, Petroleum and Natural Gas Minister Jaipal Reddy said on Tuesday he was wary of applying another round of price hike though the current retail rates were lower than the cost of production.

The oil marketing companies (OMCs) are likely to post a phenomenal Rs.1,67,000-crore revenue loss on diesel, LPG and kerosene sale this fiscal. Last month, the government increased the diesel price by Rs.5.62 a litre and restricted the supply of subsidised LPG to six cylinders a household a year.

State oil firms have slashed petrol rates marginally by 56 paise per litre, lower than expectations of a . 1 cut, as the currency has appreciated, making imported oil cheaper in rupee terms.

IndianOil, Bharat Petroleum and Hindustan Petroleum have incurred a loss of Rs 2,600 cr on sale of petrol during Apr-Sep period

IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 a litre, with effect from midnight on Monday The other oil marketing majors — Bharat Petroleum and Hindustan Petroleum — are expected to announce cuts shortly. In the capital, petrol will now cost around Rs 67.90 a litre.