The intervention, taken after 13 years, has been made in consumer interest and reduces chances of profiteering by power generating companies, sources said. The Union power ministry in a communication to CERC on March 26 expressed its concerns on high exchange prices.
Finance minister Nirmala Sitharaman had defended the 137-day hiatus in fuel price revision, saying the disruption in supply chains and the resultant increase in global oil prices due to the war in Ukraine was a "couple of weeks" phenomenon.
"Everyone knew companies were selling at a loss and would raise prices once the polls were over. So, the dealers stocked up," said a company executive, who did not wish to be identified.
Mumbai-based Global Offshore Services is an offshore oil and gas support service. SBI contends that Global Offshore owes about Rs 600 crore to the bank.