The curious case of India’s retail transportation fuel prices
State owned oil marketing companies (OMCs) are under pressure due to the continuous rise in crude prices in the wake of Ukraine war
NEW DELHI : With global crude oil prices breeching multi-year highs in the wake of Ukraine war, there are growing concerns about its impact on retail price of transportation fuel in India. The crisis has posed a clear and present danger for India, the world’s third largest oil importer with an 85% import dependency. Despite being deregulated, petrol and diesel retail prices have held steady in the backdrop of ongoing state assembly elections. Mint takes a look.