OPEC output cut: Petrol, diesel price freeze in India just gets longer
2 years, 2 months ago

OPEC output cut: Petrol, diesel price freeze in India just gets longer

The Hindu  

The record six-month-long freeze in petrol and diesel price revision in all likelihood will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. For India, this is bad news as a fall in oil prices in recent weeks had helped it cut down on its import bill as well as limit losses that state-owned fuel retailers were incurring on selling petrol and diesel. State-owned fuel retailers — Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd — have changed the retail selling price of petrol and diesel in line with the international costs for a record six months now to help the government manage runaway inflation. This prize freeze led to the firms booking losses on fuel sales as oil prices rose to a multi-year high of around $120 per barrel during May/June.

History of this topic

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