Decoded: Why state-run oil companies have not hiked petrol, diesel rates in March
3 years, 9 months ago

Decoded: Why state-run oil companies have not hiked petrol, diesel rates in March

India Today  

State-run oil marketing companies have not revised fuel prices upwards for 10 straight days even as international crude oil rates continue to climb. According to the sources quoted in the report, it seems that the central government has informally asked the major OMCs to keep petrol and diesel rates unchanged in view of the crucial assembly elections in four states and one Union Territory. Not just petrol and diesel but the price of liquified petroleum gas or domestic cooking gas cylinders has also increased sharply in the last three months — from Rs 594 per cylinder in December 2020 to Rs 819 per cylinder in March 2021. Check details A written reply in Lok Sabha by Oil minister Dharmendra Pradhan in Lok Sabha suggested that domestic cooking gas prices have doubled in the last seven years, while tax collection on petrol and diesel has increased by a staggering 459 per cent. While OMCs are usually wary of holding back petrol and diesel rates when global crude oil prices rise, analysts indicate that they are well-positioned to take the knock.

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