In contrast with highest international crude oil prices so far this year, the domestic fuel prices have seen fewer revisions, indicating that the policy of market-determined retail pricing of petroleum products has been put on hold till the elections.
Energy experts have said the price of transport fuels, petrol and diesel may shoot up post polls if the international prices remain high. The state-run oil marketing companies will also jump to balance their books. Indications are that these companies might be keeping the prices artificially low at the behest of the government so as to prevent consumer outrage.
Since January, the benchmark, Brent crude has surged nearly 30 per cent while the price of petrol in the national capital has witnessed an uptick of merely 6 per cent. While the prices remained unchanged for several days at a stretch, these were reduced twice last week when the Brent hit a 5-month high.
An India Oil Corporation spokesperson said the domestic prices don't entirely depend on the international crude prices. Domestic prices are usually affected in a fortnight after the global swing.
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