IOC, other oil PSUs to raise petrol prices marginally
20 Sep 2010
Indian Oil Corporation (IOC), India's largest state-run refiner, is raising petrol prices by Rs0.27 a litre, with immediate effect, reports quoting industry sources said.
IOC is also reported to have sought lifting of price controls on diesel on the lines of petrol before it enters the market with the planned Rs10,000 crore (over $2-billion) share issue.
Other state-run oil refiners and retailers such as Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) will also raise petrol prices by Rs0.28 per litre from Wednesday, the reports said.
According to IOC chairman BM Bansal, a freeing of fuel prices would help the state-run refiner derive the maximum out of the share sale.
BPCL, reports say, is still not decided on when to effect the price hike.
IOC proposes to raise around Rs10,000 crore (over $2 billion) through sale of a 10 per stake by the government and fresh issue of equity of 10 per cent, in January or February 2011.
