“The oil marketing firms are keeping a watch over the global crude oil price, which is now marked by high level of volatility. I think they will not be in a haste to take a view,” Petroleum Minister S Jaipal Reddy said.
Even as the government since June 26 last year has allowed the oil firms to fix retail price of petrol as per market rate, they are still incurring a loss of nearly Rs 4.5 on per litre of petrol with the global crude oil price hovering around $110 per barrel.
Published 28 March 2011, 18:20 IST