Despite outrage, oil companies rule out rollback in petrol price hike

May 24, 2012 |

Agencies

New Delhi

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Oil companies on Thursday said there will be no roll back after the whopping Rs 7 hike in petrol prices.

IOC head said there was no pressure from any quarter to roll back the petrol price hike and said there will be a price review in early June.

In related news, a planned meeting by a committee of ministers to discuss raising diesel and other fuel prices may not happen following widespread protests and political backlash to a petrol price rise, a finance ministry official said on Thursday.

"It is doubtful whether there will be meeting because there is so much political reaction to the hike in petrol prices," the official, who declined to be identified, said.

The same official had earlier said the committee would meet on Friday to discuss raising diesel, liquified petroleum gas and kerosene prices.

Another finance ministry source confirmed the meeting was now in doubt.

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