Oil prices at seven-month low but OMCs keep petrol, diesel prices unchanged

State-owned oil companies in India have not changed the prices of petrol and disel even though international oil prices have hit a seven-month low, apparently to recoup losses incurred for holding rates for a record five months despite rising cost.

International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand. It has since recovered and is trading at USD 92.84 per barrel, the lowest in six months.