By Admin 
- Due to US-Iran war, petrol and diesel increased by ₹ 7.5, companies in loss.
- ₹74,781 crore loss to oil companies, government will give relief package.
- Crude oil crosses $90, companies’ hopes dashed, help sought.
- Government fears increase in fiscal deficit due to relief package.
Petrol-Diesel Price: Since the war between America and Iran started on February 28, 2026, the prices of petrol and diesel in the country have increased by a total of Rs 7.5 per liter. Despite this, government oil companies (OMCs) are still running in losses. The situation is that now the government is considering giving a relief package of about Rs 75000 crore to these oil companies.
Recently, Petroleum and Natural Gas Minister Hardeep Singh Puri had said that the three big public sector oil companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have suffered a loss of Rs 74,781 crore during the April-June quarter. According to a report in the Economic Times, the government is now working on a proposal to provide financial assistance to these companies. These companies had demanded relief for the loss of about Rs 75,000 crore incurred in the April-June quarter.
expectations dashed
According to the Economic Times, these three companies initially hoped that after the ceasefire between the two countries, the price of benchmark Brent crude would fall to around $ 71 per barrel, due to which they would be able to recover this loss. However, due to rising tensions in Western Asia, crude oil prices again went above $ 90 per barrel, dashing their hopes and companies had to ask for help from the government.
How far has the talk progressed on the relief package?
The Ministry of Petroleum and Natural Gas is currently working on the proposal for this financial assistance. The approval of the Finance Ministry will be required before placing it before the Union Cabinet. In this process, negotiations between different ministries may take weeks or months. The dilemma facing the government is that the government is already facing a loss of about Rs 10 per liter in potential tax collection on petrol and diesel. In such a situation, giving such a big bailout package to oil companies may increase the country’s fiscal deficit.
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Get ready now, prices of petrol and diesel may increase; Crude oil crossed 91 dollars