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

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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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