Rollback in petrol price hike likely next week

New Delhi: Oil companies may finally succumb to public pressure as a possible Re 1 cut in petrol prices is likely to happen next week.

Sources told Network 18 on Friday that oil marketing companies might roll back petrol prices next week.

The oil retailers had on November 4 hiked petrol prices by Rs 1.8 rupees per litre citing high crude prices.

This was the fifth hike in the petrol prices since December 2010.

The price was hiked by Indian Oil and other firms were expected to follow suit.

Less than two months after raising fuel prices by a whopping Rs 5 per litre, the State-owned oil companies had been pressing for Rs 1.82 per litre hike in the prices.

Oil company officials had said that the hike was needed because of rupee depreciation and hardening of crude oil prices.