The public sector oil marketing companies (OMCs) are making profits by selling oil and petroleum products to consumers, contrary to the perception that they are selling oil at a loss. The gain, which could easily have been passed on to retail consumers, has been estimated to be around Rs 50,000 crore in five years between 2007 and 2012.
This has been the findings of the Comptroller and Auditor General (CAG) in its latest audit report on pricing of petroleum products. The report has already been submitted to the government and likely to be tabled in Parliament in the forthcoming budget session.
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