Have requested ministry to control product price, cut excise duty: IOC

India Oil Corporation has issued an ultimatum to the government that it will hike petrol price if the excise duty is not cut or if the company is not compensated adequately for the loss it has been incurring for retail fuel sale. PK Goyal, Director Finance at IOC told NDTV Profit that the company has not received any compensation from the government yet on petrol and therefore, they have requested the ministry to control product price or cut excise duty.