New Delhi: Despite a 120% surge in the country's daily average import cost to a record $156.29 a barrel, Indian refiners are sufficiently stocked, and both public and private fuel retailers are holding pump prices of regular petrol and diesel.
The average price of crude oil purchase (called Indian basket) that was $71.17 per barrel just before the war in West Asia, crossed $100 mark to settle at $120.28 a barrel on March 9, and started climbing thereafter to cross $140 by March 16 and crossed 150-mark to settle at $156.29 a barrel on March 19.
Oil ministry's data-keeper Petroleum Planning and Analysis Cell (PPAC) did not respond to a specific email query, asking the reason for Indian basket of crude prices surging above the Brent.
Despite surging crude oil prices, both public and private sector oil marketing companies (OMCs) continue to absorb high input costs without raising pump prices of regular petrol and diesel.
Private OMC, Jio-BP said their mobility stations are “fully operational to serve customers and are adequately stocked.”
The government is maintaining a full supply of cooking gas to over 330 million households by prioritising LPG supply to them and ramping up LPG production in public and private refineries.
The LPG supply crunch has led the government to prioritise the distribution of commercial LPG through states and local administrations.
