Oil prices at seven-month low, but petrol still costs Rs 100+

International benchmark Brent crude fell to $92.84/barrel last week for the first time since early February

International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India, as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost.

International benchmark Brent crude fell to $92.84/barrel last week for the first time since early February.  But this has not led to any revision in retail petrol and diesel prices in India.

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Responding to reporters’ questions on no change in fuel prices, oil minister Hardeep Singh Puri on Friday sought to link it to losses fuel retailers incurred in keeping rates unchanged when international oil prices surged to multi-year high.

“When (international oil) prices were high, our (petrol and diesel) prices were already low,” he had said. “Have we recouped all our losses?” he asked. He, however, didn’t elaborate on the losses incurred on keeping rates steady since April 6. Petrol currently costs Rs 106.31 and diesel Rs 97.28 in Mumbai.

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