Oil prices at seven-month low but no change in petrol, diesel prices in India
The Hindu
India is 85% dependent on imports for meeting its oil needs and so retail pump rates are directly dependent on happenings in the global markets.
International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost.
International benchmark Brent crude fell below $90 per barrel last week for the first time since early February as recession fears weigh on demand. It has since recovered and is trading at $92.84 per barrel, the lowest in six months.
Prices fell despite bullish developments, including Russia keeping the North Stream pipeline offline and producers cartel OPEC and its allies (OPEC+) cutting production.
But this has not led to any revision in retail petrol and diesel prices in India and they continue to be on freeze for a record-setting 158 days.
Also read: Data | Why petrol prices in India have remained unchanged despite falling crude oil costs
Responding to reporters' questions on no change in fuel prices, oil minister Hardeep Singh Puri had on Friday sought to link the no revision to losses state-owned fuel retailers incurred in keeping rates unchanged when international oil prices surged to multi-year high.
"When (international oil) prices were high, our (petrol and diesel) prices were already low," he had said. "Have we recouped all our losses?" he went on to ask.
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