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NEW DELHI, Nov 4 � 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, reports PTI.
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 the retail rates, but given the ownership structure the PSUs we will abide by the government directive to roll back prices.
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