IOC rules out rollback of petrol price hike
NEW DELHI (Reuters) - State-run Indian Oil Corp (IOC), the biggest fuel retailer in the country, has no plans to rollback an increase in gasoline prices, R. S. Butola, its chairman, said on Friday.
On Thursday, government-backed fuel retailers said they would raise gasoline prices by about 2.7 percent from Friday. The move, aimed at cutting revenue losses of oil firms, is likely to add pressure to stubbornly high inflation in Asia's third-largest economy.
(Reporting by Nidhi Verma; writing by Mayank Bhardwaj; Editing by Aradhana Aravindan)
- Tweet this
- Share this
- Digg this
The Supreme Court reinstated a ban on gay sex in the world's largest democracy, following a four-year period of decriminalisation that had helped bring homosexuality into the open in the socially conservative country. Full Article