Fuel Prices Unlikely to Drop Despite Excise Duty Cut: MK Surana

• MK Surana, former HPCL CMD, states excise duty cut protects OMCs, not consumers.
• Petrol duty cut to ₹3 from ₹13, diesel to nil from ₹10, but retail prices won't change.
• Move acts as buffer for OMCs facing under-recoveries due to high global crude prices.
• Crude above $100/barrel, retail prices unchanged for years, making pump price reduction unlikely.
• Liquidity is key concern for OMCs due to high crude prices and weaker rupee increasing import costs.