Puri stated on January 3 that the government's focus remains on ensuring energy availability amid the unpredictability in crude prices, dismissing any immediate talks of reducing fuel prices.
Brent crude prices have experienced a sharp decline, hovering around $75 per barrel due to apprehensions about global demand. Puri noted the absence of discussions with oil marketing companies (OMCs) regarding price cuts, contrary to media speculations hinting at potential reductions in diesel and petrol prices.
Despite fluctuations in crude oil rates, Indian fuel retailers have maintained stable retail prices since April 2022. This decision to freeze prices, despite fluctuations in crude oil costs, has impacted OMCs such as Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL). While these companies have recently started to report profits, they refrained from adjusting prices despite the previous losses incurred during soaring crude prices.
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Diese Geschichte stammt aus der January 04, 2024-Ausgabe von The Business Guardian.
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