Petrol, diesel prices may not fall despite 30% dip in global crude price

In a bid to recover past losses the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates despite a nearly 30% decline in prices

In a bid to recover past losses, the state-run oil companies may not immediately lift the six-month-long freeze on daily pricing of automobile fuel rates, despite a nearly 30 per cent decline in average international prices of petrol and diesel from the June peak, Livemint reported.

International oil prices have seen a sharp fall over the past four weeks. As a result, there was a reduction in prices of commercial liquefied petroleum gas, aviation turbine fuel (ATF) and taxes on windfall gains.

Oil marketing corporations (OMCs) in the public sector are still experiencing financial losses. Because of the volatility in