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Indian Oil Corporation (IOC) today said that the decision to hike the petrol prices was tough but there was no option left to tackle the impact of rising crude prices. Chairman IOC RS Butola further said,"If government orders us for rollback we will certainly do that but had not received any intimation to roll back The petrol price hike needed as we had exhausted all options. Oil price might cool down in the near future. Oil marketing companies has lost 2400 crore in the last two months or so. Oil companies are losing Rs 50 crores daily for keeping the prices low," he said.

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