Fuel retailers to raise diesel, petrol prices by Feb 16

NEW DELHI Thu Feb 14, 2013 1:19pm IST

A worker fills diesel in a vehicle at a fuel station in Chennai January 18, 2013. REUTERS/Babu/Files

A worker fills diesel in a vehicle at a fuel station in Chennai January 18, 2013.

Credit: Reuters/Babu/Files

Related Topics

Stocks

   
Border Security Force (BSF) soldiers ride their camels as they rehearse for the "Beating the Retreat" ceremony in New Delhi January 27, 2015. REUTERS/Ahmad Masood

"Beating The Retreat" Rehearsals

Rehearsals are on for "Beating the Retreat" ceremony which symbolises retreat after a day on the battlefield, and marks the official end of the Republic Day celebrations.  Slideshow 

NEW DELHI (Reuters) - State fuel retailers may marginally raise petrol and diesel prices on Friday or Saturday, the chairman of Bharat Petroleum Corp. (BPCL) said on Thursday.

India's three state-run fuel retailers - Indian Oil Corp (IOC.NS), BPCL (BPCL.NS) and Hindustan Petroleum Corp (HPCL.NS) - tend to move their fuel prices in tandem.

India said last month it would allow fuel retailers to raise the price of subsidised diesel by 1 U.S. cent a litre every month and asked bulk buyers to pay market rates.

"On diesel prices there is a cabinet decision that we can raise prices by 0.40 rupees-0.50 rupees a litre and the next increase is falling due on February 15," R. K. Singh told Reuters.

He also said fuel retailers are currently suffering a revenue loss of 1.23 rupees a litre on retail sales of petrol.

"We might increase petrol prices by 1 rupee or so," he said, adding prices of both the fuels will be raised together.

R. S. Butola, chairman of IOC, the country's biggest refiner and fuel retailer, said on Wednesday diesel prices will be reviewed on Friday or Saturday.

A litre of diesel currently cost 47.65 rupees for retail customers in New Delhi while petrol is sold at 67.26 rupees, according to IOC's website.

(Reporting by Nidhi Verma; Editing by Jo Winterbottom)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Reuters Showcase

Telecom Sector

Telecom Sector

India postpones mobile airwave auction to March 4.  Full Article 

Business Strategy

Business Strategy

Uber scraps commissions for its New Delhi taxis.  Full Article 

Currencies

Currencies

China's yuan breaks into the world's top five as payment currency - SWIFT.  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Job Cuts

Job Cuts

Sony to cut 1,000 jobs in smartphone business - sources.  Full Article 

Reuters India Mobile

Reuters India Mobile

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