IOC to raise petrol, diesel prices from Sunday

Reuters
An employee measures diesel in a tanker before unloading at a fuel station in Kolkata August 13, 2012. REUTERS/Rupak De Chowdhuri
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An employee measures diesel in a tanker before unloading at a fuel station in Kolkata August 13, 2012. REUTERS/Rupak De Chowdhuri

REUTERS - Indian Oil Corp Ltd (IOC) (NSI:IOC.NS - News), the country's biggest refiner, said it would raise petrol prices by 4 percent and diesel by 1.1 percent from Sunday as weakness in the rupee made the fuels costlier to import.

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

India deregulated gasoline prices in June 2010.

The new prices will be effective from midnight Saturday.

(Reporting by Ratnajyoti Dutta and Nidhi Verma in New Delhi; editing by David Evans)

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