Indian Oil Corporation (IOC) downplays the impact of the recent Rs 2 reduction in petrol and diesel prices, stating it won’t significantly affect profits. Chairman Shrikant Madhav Vaidya notes it’s premature to assess the cuts’ exact financial implications for the upcoming quarter. He underscores the role of volatile crude oil prices in future pricing decisions, emphasizing the need for stability before considering further reductions. After nearly two years of price freezes, oil marketing companies slashed petrol and diesel prices ahead of the general election. The last revision occurred in May 2022.
Indian Oil Corporation Downplays Impact of Petrol and Diesel Price Cuts
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