Indian public sector oil companies maintain petrol and diesel prices, citing market volatility and loss avoidance.

Public sector oil marketing companies in India, including IOC, BPCL, and HPCL, are unlikely to lower petrol and diesel prices or resume daily revisions despite a drop in global oil prices. A petroleum ministry official cited market volatility as a key reason. The companies have not adjusted prices since late 2021, aiming to avoid losses. They will consider price changes only if international crude stabilizes under $80 per barrel, especially ahead of upcoming elections.

September 19, 2024
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