Oil Firms Hint at a Cut in Petrol Prices Next month
Bangalore: A day after raising petrol price by a massive 
7.54 a litre, state-owned oil companies indicated that rates may be cut at the next revision cycle due early next month on account of softening in global oil prices.
"The current trend (in international prices) indicates that prices (of petrol) can come down," Indian Oil chairman R.S. Butola said.
Oil companies revise petrol prices on the 1st and 16th of every month on the basis on average international price and exchange rate in the previous fortnight.
"We are hoping international oil prices will come down. If they come down, we will pass on the benefit as we had done on November 16 and December 1 after the November 4 petrol price hike," he said.
"We are committed to passing on any benefit we accrue as a result of prices coming down or rupee appreciating against dollar," he added.
When asked if there will be any immediate rollback, Butola said, "There is no proposal before us. There is no situation (for rollback). No section (of our stakeholders) has asked us to reduce prices."
Hindustan Petroleum chairman and managing director S. Roy Chowdhry said: "Nobody has instructed us to do so".
On Wednesday, oil marketing companies raised petrol prices by Rs 6.28 a litre, exclusive of sales and value added tax. A day later, in the face of mounting criticism of the steep hike, sources told NDTV that the government was considering a partial rollback of the hike.
Petroleum minister S. Jaipal Reddy was also advancing his return to India from Friday to Thursday night in light of the snowballing resistance to the petrol price hike.
Source: PTI
7.54 a litre, state-owned oil companies indicated that rates may be cut at the next revision cycle due early next month on account of softening in global oil prices.
"The current trend (in international prices) indicates that prices (of petrol) can come down," Indian Oil chairman R.S. Butola said.
Oil companies revise petrol prices on the 1st and 16th of every month on the basis on average international price and exchange rate in the previous fortnight.
"We are hoping international oil prices will come down. If they come down, we will pass on the benefit as we had done on November 16 and December 1 after the November 4 petrol price hike," he said.
"We are committed to passing on any benefit we accrue as a result of prices coming down or rupee appreciating against dollar," he added.
When asked if there will be any immediate rollback, Butola said, "There is no proposal before us. There is no situation (for rollback). No section (of our stakeholders) has asked us to reduce prices."
Hindustan Petroleum chairman and managing director S. Roy Chowdhry said: "Nobody has instructed us to do so".
On Wednesday, oil marketing companies raised petrol prices by Rs 6.28 a litre, exclusive of sales and value added tax. A day later, in the face of mounting criticism of the steep hike, sources told NDTV that the government was considering a partial rollback of the hike.
Petroleum minister S. Jaipal Reddy was also advancing his return to India from Friday to Thursday night in light of the snowballing resistance to the petrol price hike.
