The Modi government has decided to hold on to petrol and diesel rates in the country for now, despite record crude oil prices, urging public sector oil companies to absorb the cost pressure for the time being. ADVERTISEMENTRetail petrol and diesel prices have been frozen since April 2022. PSU retailers—Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL)—absorb losses when crude prices are high and make profits when rates are low. The government wants to continue to shield consumers, and the same policy will continue unless there is a huge spike in crude prices (more than $130 a barrel), they said. While India has adequate stocks of both raw material (crude oil) and finished products (fuels) to meet requirements for the next 6-8 weeks, the government has tweaked the policy for booking cooking gas refills.

Source: The Telegraph March 10, 2026 01:48 UTC