Oil firms may cut petrol prices by 16 Nov: Report

Oil firms may cut petrol prices by 16 Nov: Report

Mumbai: State run oil marketing companies may cut petrol prices by 16 November, Indian Oil Corp chairman R.S. Butola told television network NDTV.

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.

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