IOC, HPCL hike prices of petrol

NEW DELHI: Indian Oil Corporation, the nation's largest fuel retailer, is likely to hike petrol prices by Rs 0.33 per litre tomorrow.

IOC Chairman B M Bansal said international crude oil prices have risen since the last price revision, necessitating an increase in domestic retail prices.

IOC is losing about Rs 1 on sales of every litre of petrol, as crude oil prices have climbed to $87 per barrel from $81-82 at the time of the last revision.

Oil prices are near two-year highs partly on expectations that sluggish but sustained economic recovery in industrialised nations and rampant growth in Asia will fuel demand.

This will be the third increase in Indian domestic retail prices of petrol since India ended government control of petrol prices in late June.

Another state-run refiner, Hindustan Petroleum, raised petrol prices by 31 paise a litre from Monday.