A moderation in international oil prices has helped Indian fuel retailers to break even on petrol and domestic cooking gas LPG but they continue to lose money on diesel, the most used fuel in the country, an official said on Monday.
State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have not raised petrol and diesel prices for almost five months now despite rising international oil prices.
This is because international oil prices were highly volatile, rising or falling by $5-7 per barrel on a single day, BPCL chairman and managing director Arun Kumar Singh told reporters.
