•Retail petrol and diesel prices in India are unlikely to be raised soon, despite a nearly 9% jump in global crude oil prices after US-Israel strikes on Iran and retaliatory attacks.
•Brent crude climbed close to $80 per barrel, and US-traded crude rose 8.6% to $72.79, fueling concerns over supply disruptions.
•Fuel rates have been frozen since April 2022, with state-run oil marketing companies absorbing losses and rebuilding margins.
•Indian Oil Corporation, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited reported a profit of ₹23,743 crore in the December quarter.
•The government is monitoring the situation, ensuring availability and affordability of petroleum products, and assessing the impact on India’s export-import cargo flows.
