If rising inflation was not enough, here comes another cue that oil companies are mulling the option to notch up the prices of oil soon, though these reports have been refuted by the Director of Finance of Indian Oil Corporation (IOC).
There has been lingering thought that oil companies must be finding it difficult to handle the brunt of rising oil prices as the depreciation in the value of rupee had become a major issue which has even resulted an increase of Rs 9000 crore in the value of under recovery.
Confirming the news, PK Goyal stated that as of now, the oil companies stand at a under recovery of Rs 0.41, while the value moved to Rs 3 for the second week of this month.
Though the current under recovery limits are pinching the oil companies, there is no confirmed news about an E-Gom is being scheduled to discuss the same matter.
Even media reports claiming that oil marketing companies have offered to cull down the number of subsidized LPG cylinders have been refused by the director-finance of Indian Oil Corporation (IOC).
With the report raising fears that there is another oil price hike in the offing, IOC's denial has come as a relief, though how long will it stay is yet to be find out.
