M.G. George Muthoot, chairman of the Muthoot Group and former lay secretary of the Malankara Orthodox Syrian Church, died in New Delhi. He was 71.
He was listed as the 26th richest person in India by the Forbes Magazine in 2020. He also served as a member of the National Executive Committee of the FICCI.
After graduating from the Manipal Institute of Technology with a degree in mechanical engineering, Muthoot joined the family business as an office assistant and in 1979 he became the managing director and group chairman in February 1993.
International oil prices rose after OPEC and its allies ignored India's plea to ease production control.
Brent crude rose nearly 1 % a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand.
Retail petrol and diesel prices, which already are at historic highs, should rise if the oil companies decide to pass on the surge in international oil prices to consumers.
India imports about 85 % of its oil needs and local retail rates are benchmarked to international prices.