No immediate roll back in Petrol Prices

IOC Chairman have ruled out any immediate roll back in the prices of petrol. He said that decision to hike the prices was taken after all the existing options were exhausted.

However he gave enough hints that if the Dollar-rupee exchange rate becomes favorable and international crude price goes down then they will pass on benefit to the consumer and Oil companies may do partial roll-back on 1st of June when Oil companies reviews petrol price again.

Oil companies revises petrol prices on 1st and 16th of every month on basis of average international price and exchange rate in the previous fortnight.

He also said that they had lost more than 2400 crore and the under-recovery in the last year was 4890 crores.