Price hike on BS-VI won’t hurt consumers, will meet April deadline: IOC
State-run Indian Oil Corporation (IOC) on Friday said the company would meet the April deadline for introducing BS-VI emission norms.
Company executives, including Chairman Sanjiv Singh, said they expected the matter of price hike for the cleaner fuel to be settled before the roll-out.
The three public-sector oil companies — IndianOil, Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) — have spent Rs 35,000 crore on refinery upgrade for BS-VI. IndianOil has spent around Rs 17,000 crore.
“If the industry has spent so much, we presume there should be some consideration for this … let me assure you the price increase will not pinch (the retail consumers),” said Singh.
