HPCL chief indicates market forces may slightly raise fuel prices

Company doubles consolidated net profit in third quarter

There may not be much relief in sight for consumers with petrol and diesel prices remaining high, driven by market forces, indicated Hindustan Petroleum Corporation (HPCL) Chairman and Managing Director, M K Surana.

Speaking at a press interaction after announcing the third quarter earnings for fiscal 2020-2021, Surana said, “The increase in crude oil price is because of the mismatch or the anticipated mismatch between the pick-up in demand and the capacity to ramp up the production immediately…On a long term or medium-term basis, we do not expect crude oil prices to go substantially high and we anticipate it to