State oil firms are freely pricing petrol and diesel, in line with international rates, oil minister Dharmendra Pradhan and executives at oil PSUs have said, denying reports of government asking companies to hold price hikes ahead of Karnataka polls.
Bloomberg had on Wednesday reported that state-run oil retailers have been asked not to raise retail diesel and petrol prices and absorb a part of the losses due to the recent recovery in global crude oil.
“The government has not given any such direction,” Pradhan told reporters. Indian Oil chairman Sanjiv Singh echoed the minister. “Daily prices are fluctuating with international prices. Retail prices on any day are based on 15-day average of international rates,” Singh added.
Hindustan Petroleum chairman MK Surana also said he wasn’t aware of any such instruction on fuel pricing by the government. Read More