IOC rules out rollback of petrol price hike

NEW DELHI Fri Nov 4, 2011 5:54pm IST

Activists from the Communist Party of India (CPI) shout slogans and burn an effigy depicting India's oil minister S. Jaipal Reddy during a protest against the hike in petrol prices, in Hyderabad November 4, 2011. REUTERS/Krishnendu Halder

Activists from the Communist Party of India (CPI) shout slogans and burn an effigy depicting India's oil minister S. Jaipal Reddy during a protest against the hike in petrol prices, in Hyderabad November 4, 2011.

Credit: Reuters/Krishnendu Halder

Related Topics

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)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage