Petrol currently costs Rs 96.72 a litre and diesel Rs 89.62 in the national capital. That freeze ended on March 22 this year and rates went up by Rs 10 per litre each in just over a fortnight before a new freeze came into effect from April 7. But they froze rates for a record 137 days beginning November 4, 2021, just as states like Uttar Pradesh went to polls. IOC, BPCL and HPCL are supposed to revise the retail price of petrol and diesel daily in line with cost. Puri had on Friday stated that international oil prices need to stay at USD 88 per barrel or fall below to bring some relief. For diesel, it will take some time to reach that level,” an official said.īut this is unlikely to translate into an immediate reduction in rates as oil companies will be allowed to recoup loss they had accumulated on selling fuel at below cost in the last five months, another official said. “There are no under-recovery (losses) on petrol now. These losses have been trimmed with the fall in oil prices. State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have not exercised their right to adjust the retail selling price of petrol and diesel in line with the international costs for over five months now to help the government manage runaway inflation.Īt one point, they were losing Rs 20-25 per litre on diesel and Rs 14-18 a litre on petrol as international oil prices soared. It averaged USD 97.40 in August and USD 92.87 in September so far. Prices started to fall in July when the Indian basket averaged USD 105.49 a barrel. It had averaged USD 102.97 in April, before rising to USD 109.51 in the following month and USD 116.01 in June. The basket of crude oil that India imports averaged USD 88 per barrel on September 8. He, however, did not elaborate on the losses incurred on keeping rates steady since April 6. “Have we recouped all our losses?” he went on to ask. “When (international oil) prices were high, our (petrol and diesel) prices were already low,” he had said. Tailoring our process to you, we discuss your business needs in a complimentary consultation, where we can provide you with a free valuation for your business.Įmploying over 300 seasoned M&A specialists, dealmakers, researchers and analysts, handling in excess of $8.25bn of transactions across 30 industries worldwide, closing over 100 deals per year for the last three years, with over 20% growth in closings year over year, Benchmark International’s strong team of professionals, our novel methods and proven results are why we are known as one of the world’s most admired M&A specialists.Responding to reporters’ questions on no change in fuel prices, oil minister Hardeep Singh Puri had on Friday sought to link the no revision to losses state-owned fuel retailers incurred in keeping rates unchanged when international oil prices surged to multi-year high. Marketing is performed on an international scale, encouraging cross-border acquisitions to match today’s highly globalised environment. To complement this, we also subscribe to third-party databases and connect with M&A and other professionals worldwide. Benchmark International, founded in the North West and now with 14 global offices, is a corporate financier that represents business owners who are ready to take the next step with their business, whether that be exit planning, a growth strategy or personal wealth diversification.Īs a sell-side M&A firm, we work diligently on behalf of business owners to find the most suitable buyers for their companies using our international research, discreet marketing, corporate finance expertise, deal-making capabilities, and efficient and well-organised infrastructure.īenchmark International employs a unique strategy to match buyer with seller, conducted through our proprietary database, SISU, which we have built from the thousands of offers our clients have received, as well as frequent and up-to-date communications with active buyers.
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