New Delhi State-owned fuel marketers IOC, HPCL and BPCL on Thursday ruled out an immediate rollback of the steepest petrol price increase of R7.5-R8 a litre from Thursday night but conceded that if the government instructs them to cut prices, they have no other go but to follow their majority shareholder.

They also indicated that if petrol price falls in world markets or rupee strengthens against the dollar this fortnight, the resultant gain shall be passed on to the consumer by way of a price cut.