IOC hints at petrol price hike

Apr 26, 2011 |

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April 25: State-owned Indian Oil Corp (IOC) on Monday hinted at an imminent hike in petrol prices, whose rates have not been revised since January this year. “We would increase rate at the earliest,” said IOC chairman, Mr Ranbir Singh Butola.

In his first interaction with the media after taking over as the chairman of the nation’s largest fuel marketing firm, Mr Butola said IOC and other state firms have consciously decided not to revise the rates of petrol to keep “the environment happy”. The government had in June last year freed petrol pricing from its control and state-run firms had on as many as seven occasions changed rates in line with the international prices before deciding in the second half of January to freeze rates.

IOC is losing a tad less than Rs 7 per litre on petrol currently. After including the local sales tax or VAT, the desired increase in price comes to about Rs 7.50 a litre in New Delhi. “In our consideration, we decided to take these losses for sometime,” the chairman said. Asked if the petrol price will be revised soon after assembly elections are completed on May 10, he said a review “will take place soon.”

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