NEW DELHI: If petrol price hasn’t risen for over a week, thank the polls in five states. Public sector fuel retailers appeared to be going easy with pump prices on a ‘gentle nudge’ from the Centre, even as benchmark Brent crude on Monday topped $70 per barrel.
Pump prices have remained unchanged for nine days, the longest gap between two revisions since January, even though India’s crude cost has risen nearly 5% from $64/barrel to $67 in step with crude’s sharp rally.
There is no denying that pump prices could still be raised by a few paise in the 19 days before the polls begin on March 27. But the situation is reminiscent of 2018.
After fuel prices spiked to 55-month high ahead of the Karnataka assembly election, government nudged state-run fuel retailers to hold the price line. They did for 19 days from April 24 to May 13, beginning to raise prices two days after voting was over.
Technically, retailers are free to decide prices. But it is common knowledge that the oil ministry can — and does — influence such decisions.
