IOC, BPCL, HPCL lost $2.25 billion in revenue due to fuel price freeze: Moody's - Moneycontrol

Petrol and diesel prices remained unchanged between November 4, 2021, and March 21 despite prices of crude oil (raw material for producing fuel) averaging around $111 per barrel in the first three weeks of March compared to around $82 in early November.

Indias top fuel retailers IOC, BPCL and HPCL have together lost around $2.25 billion (Rs 19,000 crore) in revenue in March by keeping petrol and diesel prices unchanged despite a sharp rise in crude … [+4855 chars]

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