Citi: Indian refiners may raise prices after state elections

Citigroup analyst Saurabh Handa stated in a report that after the voting ends in five states in India at the end of this month, Indian oil refiners may selectively raise fuel prices, especially aviation turbine fuel and diesel. The report added that fuel retail consumers have largely been shielded from the impact of the oil price hike resulting from the Middle East crisis, as domestic oil marketing companies and refiners have absorbed the losses. Although domestic cooking gas prices were marginally increased by 7% in early March, the analyst predicts that after the price hike of Saudi oil products in April, the losses of oil marketing companies will widen to 400 rupees per cylinder.