Petrol prices likely to be cut by Nov 16 : IOC chief

RS Butola, the chairman of Indian Oil Company (IOC), India's largest fuel retailer, has said that oil companies will cut petrol prices by November 16 provided the global trend of falling oil prices continues.

RS Butola, the chairman of Indian Oil Company (IOC), India's largest fuel retailer, told NDTV that oil companies will cut petrol prices by November 16Petrol provided the global trend of falling oil prices continues.

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In an exclusive interview to NDTV, Butola made it clear that the state-owned oil companies had no directive from the government regarding a further hike in petrol prices.

The decision to increase petrol prices by Rs 1.82 a litre last week provoked a confrontation with Mamata Banerjee, who is the most important partner in the union government after the Congress.