Bhubaneswar: Though the price of crude oil in international market has touched new heights, no change has been noticed in fuel prices in India.
Researchers expect that oil marketing companies (OMCs) to significantly increase fuel prices after the country-wide general elections. Despite rising global crude oil prices, OMCs have not yet passed the buck to customers despite the fact that they have run into losses due to gradually rising crude oil prices
Market analysts predicted that the fuel prices are going to see a steep hike after the poll results on May 23, 2019 are declared.
The price of crude oil has gone up by $10 since the elections were announced, but the fuel prices in India remains flat, which suggests it is in the control of the Centre and the oil marketing companies (OMCs) are being pressurized to keep the prices stable.
Analysis shows that the price of crude oil had noticed a fall from October 2018 which had also affected the fuel prices in India accordingly. It was when the price of crude oil was above $75, the petrol prices were running above Rs 80 to Rs 90 and diesel prices above Rs 70 to Rs 80 at most places.
Price of crude oil had gone below $45 dollar by last week of December 2018 when the petrol prices had also fallen to nearly Rs 70 and diesel prices to nearly Rs 65.
Since then there has been a rise in the prices of crude oil and till date it has gone above $65. Accordingly there had been a rise in the fuel prices in India till dates of the general elections were announced on March 10, 2019.
It is anticipated that the fuel prices will notice a hike of over Rs 5 per litre after the declaration of the poll results.