Indian Oil Corp
Defending the company's steep price hike, Butola said it wasn't an easy decision to make but it was done as all options available had been exhausted.
The company has said it will review petrol prices again in early June after claiming to lose almost Rs 50 crore everday on petrol.
State oil companies raised the price of petrol on Thursday for the first time in more than six months in a gesture of fiscal discipline that economists said is unlikely to give a significant lift to the embattled rupee.
IOC says it has lost Rs 1056 crore in 50 odd days this year in under recoveries while the industry has lost Rs 2400 crore this year in under recoveries.
India imports 80% of its oil.
Butola promised to pass on the benefit to consumers if global crude prices began to ease.