Global crude oil price rise not supported by fundamentals, says Indian Oil head

NEW DELHI (Reuters) - State-owned crude oil refiner Indian Oil Corp said the company has held back from increasing fuel prices in India.

Fuel price movements are deregulated in India and move in line with the rise or fall in global crude prices.

The current global oil price rise is not supported by fundamentals and hence the company is holding back from increasing prices, Indian Oil’s chairman and managing director, Sanjiv Singh, told reporters in New Delhi.