IOC Chairperson RS Butola said oil companies were losing Rs 50 crore daily for keeping the prices low.
New Delhi: Indian Oil Corporation (IOC) on Thursday said that the decision to hike the petrol prices was tough but there was no option left to tackle the impact of rising crude prices.
IOC Chairperson RS Butola, however, hoped that the prices will come down in the near future. "If government orders us for rollback we will certainly do that but so far we have not received any order," he said.
"The petrol price hike was necessary as we had exhausted all options. Oil price might cool down in the near future. Oil marketing companies has lost 2400 crore in the last two months or so. Oil companies are losing Rs 50 crores daily for keeping the prices low," he said.
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