(OMCs) Oil marketing companies revise petrol and diesel prices daily at 6 AM, reflecting fluctuations in global crude oil prices and currency exchange rates.
The financial performance of OMCs for FY 2023-24 has been remarkable, with combined profits reaching Rs 86,000 crore—25 times higher than the previous fiscal year. /
Notably, in December 2024, the government removed the windfall profit tax on locally-produced crude and fuel exports owing to falling global oil prices.
Moreover, petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.