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Public sector oil marketing companies are free to fix the price of auto fuels in the country said the Minister for Petroleum and Natural Gas, Dharmendra Pradhan.
Denying reports that the oil companies have been asked to absorb further hikes in petrol and diesel prices, Pradhan said, “There have been no directives issued to oil companies.”
Shares of PSU oil companies had plunged after Bloomberg reported that oil companies including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation will have to bear a loss of up to Re 1 per litre on sale of diesel and petrol citing unnamed sources.
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