Business News | Fuel Prices in India to Remain Stable Amid Fluctuating Crude Rates Says Indian Oil, Chairman
Get latest articles and stories on Business at LatestLY. Indian Oil Corporation (IOC) Chairman Arvinder Singh Sahney has reaffirmed the company's commitment to maintaining stable fuel prices despite fluctuating crude oil rates.
Davos [Switzerland], January 23 (ANI): Indian Oil Corporation (IOC) Chairman Arvinder Singh Sahney has reaffirmed the company's commitment to maintaining stable fuel prices despite fluctuating crude oil rates.
In an exclusive conversation with ANI on the sidelines of the World Economic Forum 2025 Meeting, he emphasized that ensuring both accessibility and affordability of fuel prices remains a priority to shield customers from market volatility.
"We have seen crude prices from (USD) 110-120 to 80-60. So during this period of the last three years or so, the pump prices have remained more or less consistent and we have insulated our general public, our customers from the vagaries of these fluctuations," Sahney said.
Highlighting the company's strategy, Sahney noted that balancing fuel affordability with the corporation's financial health is a delicate act, achieved successfully with government support.
"We have to keep again the question of accessibility and affordability of the fuel prices, fuel that has to be given to my customers. That has to be kept in mind and we have to keep our balance sheets also in mind. So that is a very delicate balancing act which we have been doing successfully till now with the support of the government and in future also we will continue to do that," he added.
On the question of LPG pricing and subsidies, Sahney stated that managing the balance sheets while providing essential energy to the public remains a crucial responsibility.
"These adjustments are part of our regular operations. As a public sector company, our goal is the welfare of the country, while also ensuring returns to our stakeholders. It is a delicate but necessary task, and we are committed to carrying it forward," he said.
The statement from IOC assures consumers that fuel prices in India will remain stable, even as crude oil prices experience fluctuations in the global market. This approach aligns with the company's broader mandate of prioritizing the public interest alongside financial sustainability. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)