Public sector fuel retailers will be in a position to take a call on resuming the daily revision of petrol and diesel prices once international crude oil prices stabilise under $80 per barrel, according to senior industry officials. As international oil and fuel prices continue to remain highly volatile, the companies are exercising caution as they do not want to pass on the price volatility to consumers, a top official with one of the three companies said.
The three companies — Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) — have not revised pump prices at their end since early April of last year, when global crude oil and fuel prices had surged in the aftermath of Russia’s invasion of Ukraine. The primary objective of halting fuel price revisions was to shield the Indian economy from skyrocketing energy prices globally. A jump in fuel prices would have led to significantly higher inflation in India, as was seen in countries that did allow a pass-through of high energy prices.
You have exhausted your monthly limit of free stories.
Register to read more stories
Continue With:-
Google
Facebook
Email
Already have an account? Sign in