IOC Chairman Seeks Complete Duty Roll-Back
New Delhi   18-Feb-2011

IOC on sought a full rollback of duty on crude to keep petroleum prices under check. Asked about his expectations from the Union Budget for 2011-12, IOC chairman S V Narasimhan said he was looking forward to a duty rationalisation on crude. “Right now, the duty on crude oil is high. We would like a rollback of the duty to zero,” he said. Asked if another hike in petroleum prices was in the offing, he merely said: “We are hoping crude prices to come down by March. Beyond that, let us see”. The company's under-recovery this quarter was projected at Rs. 16,000 crore, he said.