‘IOC will not revise petrol prices too frequently’
Mumbai   09-Jul-2010

IndianOil chairman BM Bansal on Thursday said the company would not like to revise retail prices of petrol too frequently unless there is a major change in the prices of international crude oil. "In case crude oil (price) does not rise much, we will not like to revise prices too frequently," Bansal said on the sidelines of an industry event.

Last month, the government had freed prices of petrol from state control and linked the same to market prices. It also hiked diesel prices by Rs 2 per litre, kerosene prices by Rs 3 per litre and that of cooking gas by Rs 35 per cylinder. Centre did not decide the methodology or the frequency of revision in petrol prices, leaving it open for discussion and a decision later. Bansal said Indian Oil will discuss the issue of periodicity of petrol price revision with the ministry of petroleum and natural gas by this month-end.