Drug Safety Settlement

A Ranbaxy office building is pictured in the northern Indian city of Mohali May 14, 2013. Indian generic drugmaker Ranbaxy Laboratories Ltd pleaded guilty on Monday to felony charges related to drug safety and will pay $500 million in civil and criminal fines under the settlement agreement with the U.S. Department of Justice. The settlement is its largest-ever with a generic drugmaker over drug safety, according to the U.S. government. It includes $150 million in payments for a criminal fine and forfeiture and $350 million in payments for civil claims. REUTERS/Ajay Verma (INDIA - Tags: HEALTH BUSINESS)

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Fuel retailers to raise diesel, petrol prices by Feb 16

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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

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

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)
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