(Reuters) - Indian Oil Corp(IOC.NS), the country's biggest refiner, may cut petrol prices if global crude prices drop, Chairman R.S. Butola said on Thursday, but it will not immediately roll back an increase announced this week.
Butola said the company will review petrol prices again in early June.
State oil companies raised the price of petrol on Thursday for the first time in more than six months in a gesture of fiscal discipline that economists said is unlikely to give a significant lift to the embattled rupee.
State oil companies together lost roughly $830 million by selling petrol at below market prices since the last price revision in December, P.K. Goel, head of finance at Indian Oil, said on Thursday.
India imports 80 percent of its oil. (curtsey : reuter)
Rupesh Yatesh Dalal
Head Research Department
Head Research Department
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