The possibility of a reduction in petrol prices turned bleak on Wednesday as crude oil prices staged a substantial recovery in the international oil markets to rule up by nearly $4 per barrel.
The plunge in global crude oil prices in the wake of the US rating downgrade by S&P had raised hope of a possible cut in petrol prices on August 15, when the oil companies carry out their fortnightly fuel price review.
IOC's chairman and managing director RS Butola said the company was losing 85 paise on every litre of petrol sold.
Petrol prices were increased by Rs 3 a litre on June 24 when the Indian basket of crude oil averaged $103 a barrel. The average from July 28 to August 10 stood at $107.99 per barrel.
"With just four days to go for August 15 and crude oil on an upward trend, any cut in petrol prices is highly unlikely," he said.