Fuel hike lesser than desired retail rate: IOC
New Delhi   17-Jan-2011

A day after raising petrol price by Rs 2.50 per litre, IndianOil (IOC) on Sunday said the increase was less than the Rs 3.72 a litre which was needed to make domestic rates in line with rise in cost. "Based on current price levels in the international oil market, the desired increase in the retail selling prices of petrol in a market like New Delhi should have been Rs 3.72 per litre. However, IOC has chosen to soften the impact on the customer by increasing the price by Rs 2.50 a litre," the company said in a statement in New Delhi. The IOC said it has not passed on the balance required increase of Rs 1.22 per litre.