NEW DELHI: International oil prices have hit a six-month low, helping Indian fuel retailers break even on petrol but they continue to lose money on diesel - the most used fuel in the country, officials said.
The world's best-known crude benchmark, Brent was trading at $94.91 per barrel on Thursday after concerns of a global recession led to it slipping to a six-month low of $91.51 on the previous day.
The current rates are a relief to India, which is 85 per cent dependent on imports for meeting its oil needs.
The fall in prices has meant that fuel retailers such as Indian Oil Corporation are now breaking even on petrol but there are some losses on diesel, officials with knowledge of the matter said.
State-owned fuel retailers IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have not exercised their right to adjust the retail selling price of petrol and diesel in line with the international costs for four and half months now to help the government manage runaway inflation.
This story is from the August 19, 2022 edition of Millennium Post Delhi.
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This story is from the August 19, 2022 edition of Millennium Post Delhi.
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