New Delhi: The retail fuel price hike of Rs 3 per litre has been implemented to reduce the losses incurred by oil marketing companies (OMCs) due to unchanged fuel prices amidst rising Brent crude prices. While consumer price inflation shows an immediate upward trend, the SBI research report Ecowrap, suggests that "there is no direct impact of this hike on the fiscal situation."
The report noted that fuel consumption levels typically recover quickly after an initial price change.
