Fuel pricing in India still under a decontrolled regime: IndianOil chief
New Delhi   08-Oct-2018

Oil-marketing companies — Indian Oil Corporation, Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) — have pricing freedom and fuel pricing in India stays decontrolled despite a Rs1 cut in the prices of petrol and diesel last week, IndianOil Chairman Sanjiv Singh has said. Singh’s company may lose around Rs 23 billion in revenue in the financial year owing to the price cut.

However, he expressed the hope that the rupee would stabilise in the near future while indicating that crude oil prices might continue to go up. Even after the Central Government opted for for an Rs 1.5 crore in the Excise duty on petrol and diesel, followed by the cuts of the OMC''s and value added tax reductions by various state governments, fuel prices continued to rise on Saturday and Sunday.



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