IOC to raise petrol prices from Saturday

Fri Sep 13, 2013 8:04pm IST

A worker fills a car with petrol as he gestures towards the fuel barometer for the passenger to check, at a fuel station in Kolkata September 15, 2011. REUTERS/Rupak De Chowdhuri/Files

A worker fills a car with petrol as he gestures towards the fuel barometer for the passenger to check, at a fuel station in Kolkata September 15, 2011.

Credit: Reuters/Rupak De Chowdhuri/Files

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REUTERS - Indian Oil Corp (IOC)(IOC.NS), the country's biggest refiner, said it would raise petrol prices by 2.6 percent from Saturday due to weakness in the rupee and rising petrol prices in the global markets in the first fortnight of the month.

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

The government deregulated petrol prices in June 2010.

In January, India allowed fuel retailers to raise the price of subsidised diesel in small amounts every month and asked bulk buyers to pay market rates.

(Reporting by Nidhi Verma in New Delhi; Editing by Prateek Chatterjee)

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