May 8, 2018 / 12:48 PM / in 3 months

Global crude oil price rise not supported by fundamentals, says Indian Oil head

NEW DELHI (Reuters) - State-owned crude oil refiner Indian Oil Corp said the company has held back from increasing fuel prices in India.

A woman walks past a logo of Indian Oil outside a fuel station in New Delhi, India, August 29, 2016. REUTERS/Adnan Abidi/Files

Fuel price movements are deregulated in India and move in line with the rise or fall in global crude prices.

The current global oil price rise is not supported by fundamentals and hence the company is holding back from increasing prices, Indian Oil’s chairman and managing director, Sanjiv Singh, told reporters in New Delhi.

Reporting by Nidhi Verma; Editing by David Goodman

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