Reports suggesting another petrol price hike by oil marketing companies came in today, however, PK Goyal, director-finance of Indian Oil Corporation (IOC) denies these reports. “As of today, there is no such move on part of oil marketing companies to increase their prices” he stated to CNBC-TV18 in an exclusive interview. Under recoveries of oil marketing companies currently stand at Rs 0.41 and Rs 3 for the second fortnight of this month, he adds.
Goyal goes on to say that oil marketing companies have not made any proposal to limit the number of subsidized LPG cylinders. “We became aware of this meeting from your channel,” he said.
Another factor that is working against companies such as IOC is the depreciation in the rupee. According to Goyal, this fall has increased under recoveries by Rs 9000 crore.
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