India could see fuel price hikes as crude tops $100
Business
India could see a hike in gasoline and diesel prices as global crude oil stays stubbornly above $100 a barrel.
Oil companies are losing money selling fuel below cost and have started talks with the government about raising prices, despite earlier denials of any hike plans.
Hardeep Singh Puri cites ₹24/₹30 losses
Petroleum and Natural Gas Minister Hardeep Singh Puri says they're losing ₹24 per liter on gasoline and ₹30 on diesel, even after the government cut excise duty by ₹10 per liter.
With India's daily fuel import bill rising by nearly $200 million, refiners are urging for price hikes to recover losses.
Analysts predict an increase of up to ₹28 per liter after the assembly elections.