HPCL not heard from govt on petrol price hike rollback

Mumbai: State-run Hindustan Petroleum Corp Ltd (HPCL) has not heard from the government about potentially rolling back an increase in petrol prices, its head said on Monday.

It would reduce prices on its own if there was over-recovery on fuel sales, HPCL chairman S. Roy Choudhury said to reporters at a press conference.

The oil refining and marketing firm posted a quarterly loss of Rs3,360 crore last week and raised gasoline prices by 2.7% soon after, in tandem with other state fuel retailers Indian Oil Corp and Bharat Petroleum Corp.

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