The three state-owned oil marketing companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation — started selling petrol and diesel in sync with global crude oil rates from Friday. These OMCs have around 90 per cent share of the Indian fuel market.
India now joins countries such as the US and Australia where diesel and petrol prices move in tandem with the price of crude oil. The move comes at a time when the crude oil prices are subdued and below $50 per barrel. The price of crude oil in the Indian energy basket was $46.48 per barrel on Wednesday. Read more
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