Will rollback if government directs: Oil companies

PRESS TRUST OF INDIA

New Delhi, Nov 4: Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price, state-owned oil companies today said they will roll back the increase in rate if the government gives a directive to that effect.
At a hurriedly called press conference, Indian Oil Corporation (IOC) Chairman R S Butola said the government had freed petrol prices in June last year and empowered oil companies to decide the retail rates, but given the ownership structure the PSUs we will abide by the government directive to roll back prices.
"We do not plan to affect a roll-back of prices, but if we get a directive (to roll-back prices), we will have to implement that," Butola, who was accompanied by BPCL Chairman R K Singh, said.

Lastupdate on : Fri, 4 Nov 2011 21:30:00 Makkah time
Lastupdate on : Fri, 4 Nov 2011 18:30:00 GMT
Lastupdate on : Sat, 5 Nov 2011 00:00:00 IST



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