Why are petrol, diesel prices not costing you more? Here is truth
IOC Chairman Sanjiv Singh has said that the company has decided to "temporarily moderate" prices to avoid creating panic among consumers. However, he added that retail prices will rise if the current trend in international oil prices continues. Speaking to media persons, Singh said, "We have decided to temporarily moderate retail prices by not passing on the required increase as we believe the current international oil product prices are not supported by fundamentals. So we have decided to wait for a while."
The benchmark international diesel rates during this period have climbed from USD 84.68 per barrel to USD 87.14. Also, the rupee has weakened to Rs 66.62 to a US dollar from Rs 65.41, making imports costlier. Image source: Reuters