Price freeze cost IOC, BPCL, HPCL $2bn revenue: Moody's

State-run fuel retailers, which control 90% of the Indian market, have lost more than $2 billion, or about Rs 19,000 crore, revenue by freezing pump prices between November 5 last year and March Deven though India's average crude cost rose 35% during this period, Moody's Investors Service said on Thursday.

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