UPA loses oil price battle

Indian Oil reviews the MS (motor spirit, or petrol) prices on fortnightly basis and, based on the review, fixes the MS prices for the next fortnight. In keeping with this practice, IndianOil has reviewed the pricing cycle as prevalent in the last fortnight … over-recovery of R1.85 per litre”. That’s the IOC press release, explaining why petrol prices were lowered on Wednesday. Given that IOC hasn’t been changing prices every fortnight—since May, there have been two hikes and one rollback on Wednesday—it’s not clear what review IOC is talking about and, in any case, crude prices have started hardening again.

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