(PTI)
Petrol and diesel prices in India are to a “large extent” aligned to international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said today, responding to the charges of government meddling in fixing of fuel prices.
The prices are revised daily based on 15-day rolling average rate of their international benchmark, he said.
“To a large extent, our prices are aligned to international product prices,” he said. He was responding to questions on government interfering with rates of deregulated fuels at a press briefing called to discuss the company’s third quarter earnings. Prices in international markets have been fluctuating and are being reflected in domestic rates, he said.
“Kindly don’t look at international spot (or current market) prices. And also please do not relate product prices with (international) crude oil rates,” Singh said. Domestic prices of petrol and diesel are revised based on changes in the benchmark international product prices. Many a times, crude oil prices rises but there is hardly any change in product prices, which form the basis of fixing domestic rates,” he added.
