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)
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Consumer inflation and industrial output data on Wednesday will likely offer little evidence of a respite from high inflation and weak economic growth before a general election that begins next month. Full Article