Oil Companies face harsh criticism on fuel price hike:Despite clocking ₹78,000 profits ₹2 lk cr estimated earnings, firms still raise petrol prices

India’s three government-owned oil marketing companies (OMCs)—Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) recently increased petrol and diesel prices on a continuous basis despite being in profit for the last three years straight. The OMCs posted a combined net profit of ₹77,821 crore and estimated turnover of nearly ₹20 lakh crore in FY 2025-26. According to their latest corporate results, these companies saw their profits bounce back dramatically in the latest financial year of 2025-26. Indian Oil’s profits have nearly tripled in FY26 compared to the previous year, while HPCL and BPCL almost doubled their earnings. Net Profit clocked by OMCs in last 3 years (in ₹ crore) Oppositions criticise; govt defends This has invited harsh criticism from the opposition political parties. While the government has defended the recent retail fuel price increases. The government said that India’s pump price revisions remained moderate compared with neighbouring economies despite the supply shock emanating from the Strait of Hormuz closure in the wake of the US-Iran war. The news agency, PTI said that since the crisis began in late February, retail petrol and diesel prices in India have risen by about 8-9%, according to official estimates, compared with increases ranging from 20% to 67% in several neighbouring countries. According to the news agency, the government further argued that roughly half of OMC profits flow back to the exchequer through dividends and taxes, helping fund infrastructure spending including highways, railways and metro projects, while retained earnings support energy security investments and refining expansion.