Brent Crude - the Asian benchmark for oil – has surged around 60% since November 4, however, prices of retail fuels – petrol and diesel – continue to remain unchanged. This is despite the fact, that in India, fuel prices are deregulated and should change on a daily basis.
Oil marketing companies have been telling us that they have not changed the pump prices to save consumers from the unprecedented volatility in the oil market. However, the other possible reason is the ongoing elections in the state of UP. Even in past, during the general elections and important state elections, prices of retail fuels remain unchanged.
With March 7, being the last day of voting in UP, the prices could start changing from tomorrow.

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