India’s state-owned oil refiners have kept jet fuel prices steady for local flights following a plea from airlines to hold off on further hikes as they grapple with the fallout from the Iran war.
India’s state-run oil refiners raised gasoline and diesel prices for the first time in four years to limit their growing losses and tame domestic demand, as global crude prices remain high due to the Middle East conflict.
Indian state refiners are expecting a modest increase in retail fuel prices within days, as the government seeks to balance the impact of the ten-week war in the Persian Gulf and the needs of consumers.
China’s private refiners have sought government approval to cut oil-processing rates, a month after Beijing ordered them to produce at any cost in order to secure domestic fuel availability.
China ordered companies in the country not to comply with US sanctions on five domestic refiners linked to the Iranian oil trade, in a defiant move aimed at softening the impact of penalties.
