Facing all-round criticism for a steep hike of Rs 1.80 a litre in petrol price,state-owned oil companies today said they will roll back the increase in rate if the government gives a directive to that effect. At a hurriedly called press conference,Indian Oil Corporation (IOC) Chairman R S Butola said the government had freed petrol prices in June last year and empowered oil companies to decide retail rates,but given the ownership structure of PSUs,he would abide by a government directive to roll back prices. We do not plan to affect a rollback of prices,but if we get a directive,we will have to implement that, Butola,who was accompanied by BPCL Chairman R K Singh,said. Explaining reasons for hike in petrol prices,Butola said oil marketing companies had lost Rs 2,468 crore on selling the fuel below cost in the first half of the current fiscal. This was on top of Rs 2,500 crore loss they incurred in 2010-11. Given the magnitude of the losses,the choice before us was to either cut down production or pass on the increase to consumers. We chose to raise prices and continue supply lines, he said.
