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 Petrol prices cut by Rs.2 a litre
Petrol
prices have been cut by Rs.2 per litre effective midnight Friday,
state-owned Indian Oil Corp (IOC) announced. The prices of the
fuel effective March 16 will be Rs.68.34 in Delhi, »
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New Delhi: The
Competition Commission of India (CCI) said Saturday it would
shortly finalise the probe into alleged fixing of petrol prices by
cartelisation among oil marketing companies (OMCs).
"We are in the process of finalising the probe very soon. We are
in the process of sending them (OMCs) an order which will ensure
that there is investigation to see what is happening in terms of
petrol prices," CCI Chairman Ashok Chawla told mediapersons here
on the sidelines of a seminar organised by industry body Assocham.
The CCI, which is empowered to ensure fair trading practices, had
written to the oil ministry on the issue, but the latter said it
had no role in deciding the price of petrol as it was a
deregulated product.
State-run OMCs Indian Oil, Bharat Petroleum and Hindustan
Petroleum have virtual monopoly on crude oil imports and on the
distribution of petroleum products.
On the issue of state miner Coal India's alleged abuse of its
near-monopoly position, Chawla said the CCI had received the
investigation report from its director general.
"The Commission as a whole will look at the matter and then take a
decision," Chawla said.
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