State owned coal major Coal India Ltd (CIL) has announced the rollback in the price hike of coal under the Gross Calorific Value (GCV) based system which had been effective from January 1. The decision by the coal major comes in the wake of protests by coal consumers, notably the power industry. The coal major had taken a decision of doing away with the earlier pricing mechanism of coal based on Useful Heat Value (UHV) a month back in an attempt to align pricing with global practices.The rollback in prices has come as a major relief for coal consumers, as it makes the shift to GCV revenue neutral. CIL was asked for reviewing the new system by January 31 following a meeting of the standing committee on coal and steel on January 20.