Economics

India Headed for Steep Fuel Price Hike in March, Deloitte Says

Prices haven’t increased due to state-polls: Deloitte’s Mishra
Sees fuel under-recoveries reaching 8-9 rupees/liter in March

Deloitte India Leader for Energy Debasish Mishra sees crude demand in India growing 4-5% in the next two years. He was speaking with Haslinda Amin and Rishaad Salamat on “BloombergMarkets: Asia.”

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By Debjit Chakraborty

February 9, 2022 at 7:31 AM UTC

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Deloitte Touche Tohmatsu India expects the nation’s biggest fuel retailers to sharply raise pump prices after local elections end next month, adding pressure on the government and the central bank to take steps to contain inflation.

“Because of the state elections, they haven’t increased the retail prices,” Debasish Mishra, partner at Deloitte, said in an interview with Bloomberg TV’s Haslinda Amin and Rishaad Salamat. He expects companies to increase prices by 8-9 rupees (11-12 cents) a liter to make up for a shortfall in sale price by March 10 when the election process winds down.