IOC, BPCL, HPCL lost USD 2.25 bn over fuel price freeze: Moody’s
India’s top fuel retailers IOC, BPCL and HPCL have together lost around USD 2.25 billion (Rs 19,000 crore) in revenue between November and March by keeping petrol and diesel prices unchanged despite a sharp rise in crude oil prices, Moody’s Investors Service said on Thursday.
Petrol and diesel prices remained unchanged between November 4, 2021, and March 21 despite prices of crude oil (raw material for producing fuel) averaging around USD 111 per barrel in the first three weeks of March compared to around USD 82 in early November.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation and Hindustan Petroleum Corporation (HPCL) on March 22 and 23 raised petrol and diesel prices by 80 paise per litre each but paused the increase on Thursday.
