MUMBAI – Over the last five months, the average price of India's imported crude oil has jumped 105%. But, so far, the government has been protecting consumers here. The retail price of gasoline and diesel was raised only once, in June, by a mere 4%. Home fuels such as liquid petroleum cooking gas (LPG) and kerosene continue to be subsidized. As a consequence of the cost-price imbalances, the balance sheets of oil companies and the government are sliding into the red. Indian oil companies ...

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