IOC chief on petrol price increase
New Delhi   18-Jan-2011

Based on current price levels in the international oil market, the desired increase in the retail selling price of petrol in New Delhi should have been Rs.3.72/Lt, claimed B.M. Bansal, chairman of Indian Oil Corporation Ltd., in a press note. However, IOC has chosen to increase the price only by Rs.2.50/Lt. and not passing on the balance required increase of Rs.1.22/Lt. Even during the earlier revision on December 16, as against the required increase of Rs.4.90/Lt., the actual increase was restricted to Rs.2.96/Lt. thus leaving a gap of Rs.1.94/Lt. With the persistent rising trend in the international oil prices, average prices of the Indian crude basket have gone up from $87.83/bbl during the earlier petrol price revision in December to the current level of $92.31/bbl.