Petrol, diesel price revision if price stabilises below $80
3 state-owned fuel retailers IOC, BPCL and HPCL have kept petrol and diesel prices on freeze for a record 20th month in a row
New Delhi: State-owned fuel marketing companies are likely to revert to daily revision in prices of petrol and diesel only when international oil prices stabilise below $80 per barrel on a sustained basis, industry officials said. Three state-owned fuel retailers -- Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) -- which control roughly 90 per cent of the market, have kept petrol and diesel prices on freeze for a record 20th month in a row.
This is despite the raw material (crude oil) cost surging last year, leading to heavy losses in the first half of 2022-23 fiscal year before easing rates propelled them to profitability. “There is considerable volatility in the international oil market and prices fluctuate wildly,” an official said. “Oil companies can cut prices by Re 1 per litre and everyone will applaud.
