Price Hike Averted Despite Rising Crude

Indian oil marketing companies have refrained from increasing the retail prices of petrol and diesel this fortnight, ostensibly under pressure from the petroleum ministry. But they may not be able to do so in the next fortnight in case international prices of crude continue climbing on fears of US attack on Iraq.

The prices of international benchmark Brent crude, which were hovering around $32.38 a barrel on February 12, moved up to $ 33.40 a barrel on February 14, only to marginally soften to $ 33.06 a barrel on February 18 on receding war fears.

The average price of Brent during the current financial year comes to $ 27.06 a barrel against the previous year