Market Chatter: Indian Retailers Raise Fuel Prices for the Third Time in May as Global Prices Remain High
As the global crude oil prices remain high, Indian state-owned fuel retailers have raised petrol and diesel prices for the third time this month, according to a Reuters report on Saturday, quoting local dealers.After the first price increase in four years on May 15, the price of fuel has been hiked by around 5 rupees, as the Iran war has disrupted global oil supply, the report said.State-run Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104) and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547), together control more than 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 until recently, had not raised gasoline and diesel prices since April 2022.As per the report, the Indian oil ministry has said that the government currently has no plans to provide financial support for refiners.(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.)