REUTERS - Indian Oil Corp.(IOC.NS) will raise petrol prices by 1.40 rupees a litre, excluding local taxes from Saturday, due to rising global prices of gasoline rupee, a company statement said on Friday.
International gasoline prices have gone up by about 2 percent from the last revision on February 16 while rupee has declined to 54.15 to a dollar from 53.43, IOC, the country’s biggest fuel retailer, said.
“The combined impact of these two factors has compelled the company to revise the prices,” it said.
Three state-run fuel retailers - Indian Oil Corp (IOC.NS), Bharat Petroleum Corp (BPCL.NS) and Hindustan Petroleum Corp (BPCL.NS) - tend to move their prices together. The government had liberalised petrol prices in June 2010.
Petrol prices of the three companies vary marginally, while diesel costs the same at their fuel stations.
IOC has not specified the new retail prices but a company source said petrol would cost 70.74 rupees a litre in Delhi.
Reporting by Nidhi Verma; Editing by Anand Basu