IOC against frequent fuel price revision

New Delhi, July 8 (IANS) State-run oil marketing company Indian Oil Corp (IOC) Thursday said there will not be any revision in the oil price hike if global crude oil prices do not fluctuate wildly.

‘We would not like to revise prices too frequently in case crude oil does not rise too much,’ said IOC chairman B.M. Bansal on the sidelines of a seminar.

Bansal added oil retailers were not keen on revising prices often.

The government had June 25 decontrolled petrol prices and also hiked the rates for diesel, kerosene and cooking gas to recoup the loss of thousands of crore of rupees incurred by the oil marketing companies.

On being asked about the mechanism being devised so that domestic auto fuel prices could reflect the changes in global crude oil, Bansal said discussions were on to devise a formula and it would take another 2-3 weeks.

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