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
- Odile batters Mexico's Baja resorts, knocks out power to most area
- Hurricane Odile batters Mexico's Baja resorts, sparks looting
- UPDATE 5-Hurricane Odile batters Mexico's Baja resorts, sparks looting
- Google launches $105 Android One; eyes low-price smartphone boom
- With eye on China, India to develop disputed border region
Importing Iron Ore
An oversupplied global iron ore market may find some relief from an unlikely source as former No.3 exporter India turns into a big importer due to a cutback in domestic production. Full Article
INSIGHT - "Mr. Confession" and his boss drive China's antitrust crusade . Full Article