Mumbai: State run oil marketing companies may cut petrol prices by 16 November, Indian Oil Corp chairman R.S. Butola told television network NDTV.
The oil companies will cut prices by that date if the current global trend of softening petrol prices continues, NDTV.com reported, quoting an interview with the head of the state-run refiner and oil retailer.
IOC, along with state-run firms Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd last week raised petrol prices by 2.7%, citing losses.
However, the government has drawn criticism for allowing the price increase despite stubbornly high inflation in Asia’s third-largest economy.
On Monday, HPCL’s chairman said the company had not heard from the government about potentially rolling back the increase in petrol prices.