September 7, 2012 / 6:37 AM / 7 years ago

Petrol firms discussing price rises - IOC head

A worker lifts a petrol nozzle in New Delhi September 1, 2005. REUTERS/Adnan Abidi/Files

NEW DELHI (Reuters) - Indian Oil Corp (IOC) (IOC.NS) is currently losing slightly less than 6 rupees per litre on petrol sales, its chairman R. S. Butola told reporters on Friday, adding that companies were discussing an increase in prices.

“There is a need to raise petrol prices. We are in consultations with our colleagues at other oil marekting companies and stakeholders,” Butola said.

The government subsidises costs of diesel, cooking gas and kerosene but in theory petrol prices from state-run retailers are liberalised.

Reporting by Nidhi Verma

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