Panel grills Centre on OMCs’ failure to absorb oil shock

Key points

• The Parliamentary Standing Committee on Finance, headed by BJP leader Bhartruhari Mahtab, on Thursday (June 4, 2026) questioned the government on why, despite making hefty profits, the Oil Marketing Companies have been unable to absorb the oil shock due to the U.S.-Iran stand-off.
• The meeting on Thursday (June 4), which was attended by officials from the Department of Economic Affairs and the Chief Economic Adviser of the government, was the first in the series of meetings on the ‘General Economic Situation in the Country’.
• Both Opposition and ruling party members raised concerns about the impact of the U.S.-Iran stand-off on the Indian economy.
• According to sources, senior Congress leader Manish Tewari, among others, questioned the government on the recent fuel price hike.
• Ruling party MPs P.P.