Average India oil prices hit 15-year high
Business Standard reports that average oil prices in India have reached a 15-year high. The move could squeeze oil marketing company margins and strain the government's finances.
ContextIndia imports most of the crude oil it uses, so global and domestic price moves affect fuel costs and inflation. Oil marketing companies such as Indian Oil, BPCL and HPCL sell petrol and diesel, and government policy often shapes their pricing.