Indian Oil Corporation Ltd. (IOCL) said that petrol and diesel prices continue to remain high India despite the
fact that prices of crude oil had crashed around the world because a number of other factors too influence pricing in the country.

“Price of crude oil is just one of the factors that affect the fluctuating prices of petrol in the international market. There are other fixed elements, like transportation and costs of refining the crude oil, which remain unchanged. These add to the end-product prices,” IOCL Chairman B. Ashok told mediapersons at a press conference in Coimbatore.

While answering to a question on why the price of petrol was not coming down in India despite falling global prices of crude oil, he said that a barrel of crude oil was sold at USD 114 in June 2014, but is now available at USD 50. He also pointed out that at the time of fixing the prices, the exchange rate of USD was Rs.45, and now it has come up to around Rs.60.