REUTERS The state-run fuel retailers will raise petrol prices by about 2.7 percent from Friday, a company executive said, a move that will help them cut revenue losses but adds pressure to stubbornly high inflation in Asia's third-largest economy.
Indian Oil Corp (IOC), the biggest fuel retailer in the country, will raise gasoline prices by 1.82 rupees a litre from Friday, its head of finance P.K. Goyal said on Thursday.
R.K. Singh, chairman of Bharat Petroleum Corp, said his firm will raise gasoline prices by the same amount, while a source at Hindustan Petroleum Corp said they will also follow suit.
This will be the fourth increase in gasoline prices this year. The three state firms, who tend to move their prices in tandem, last raised gasoline prices by about 5 percent in September.
After the price increase, a litre of gasoline will cost 68.66 rupees ($1.4) in Delhi, while prices in other places vary depending on local taxes.
India's headline inflation in September stood at 9.72 percent and has topped 9 percent for nearly a year, prompting the central bank to lift its policy lending rate last month for the 13th time since March 2010.
India granted autonomy to state-run firms last year to fix retail prices for gasoline, but the government continues to control prices of diesel, cooking gas and kerosene. The government last allowed a diesel price increase in June.
HPCL's finance director said on Tuesday the company was considering a further increase in gasoline prices as it struggles to cut down on retailing losses and that they would need to increase the prices by 1.82 rupees a litre to cover losses.
(Additional reporting by Prashant Mehra in MUMBAI; Writing by Devidutta Tripathy; Editing by Jon Loades-Carter)
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