Despite a surge in oil prices, state-owned Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum first froze petrol and diesel rates for a record 137 days beginning early November 2021 when five states went to polls, and last month again went into a hiatus that is now 47 days old.
"They (RBML) have written to the petroleum ministry over the fuel pricing issue," a highly placed source in the government, who didn't want to be named,told reporters.
While RBML is scaling down its retail operations to cut some of the ₹700 crore loss it is incurring every month, Russia's Rosneft-backed Nayara Energy has raised prices by up to ₹3 a litre over and above the PSU rates, to cover for some losses.
This story is from the May 24, 2022 edition of Financial Express Mumbai.
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This story is from the May 24, 2022 edition of Financial Express Mumbai.
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