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:

Fast-tracking Projects

REUTERS SHOWCASE

Oil Prices

Oil Prices

Oil resumes slide after brief rebound on short-covering.  Full Article 

Space Programme

Space Programme

ISRO tests its heaviest space launch vehicle, eyes global market   Full Article 

Coal India Strike

Coal India Strike

Coal India workers threaten five-day strike, stokes output worries  Full Article 

Gold Discount

Gold Discount

Dealers offer gold discount for first time in five months  Full Article 

Lakhvi Granted Bail

Lakhvi Granted Bail

Pakistan court bails man accused of masterminding Mumbai attack  Full Article 

GST Bill

GST Bill

Cabinet clears bill for nationwide goods and services tax.  Full Article 

Aviation Sector

Aviation Sector

Breakingviews: SpiceJet rescue is no fix for India aviation woes.  Full Article 

Global Economy

Global Economy

Fed confident on U.S. growth, opens door wider to rate hike.  Full Article 

Reuters Poll

Reuters Poll

BSE Sensex to hit 32,980 by December 2015  Full Article 

Reuters India Mobile

Reuters India Mobile

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