Market Chatter: Indian Fuel Retailers Raise Petrol, Diesel Prices Amid Global Volatility
Amid the ongoing geopolitical crisis in the Middle East and volatility in the global crude oil markets, Indian oil marketing companies have raised petrol and diesel prices for the first time in four years by about 3 Indian rupees per litre, according to a Reuters report on Friday quoting fuel retailers.Fuel prices in India are market-linked, allowing retailers to adjust prices as needed without government intervention.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:HINDPETRO, BOM:500104), together control overe 90% of the country's over 103,000 fuel stations.They usually fix the rates of diesel and petrol in line with each other, and have not raised gasoline and diesel prices since April 2022.Public sector refiners have been losing nearly 10 billion rupees per day on fuel sales as retail prices failed to keep pace with rising import costs over recent months, Bloomberg News reported separately on the same day, citing industry estimates.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
