IndianOil may raise petrol prices
New Delhi   07-Sep-2011

State-run IndianOil said local petrol prices need to be raised as revenue losses from selling the fuel at government controlled rates have widen more than sevenfold this month, head of finance P.K. Goyal said on Tuesday.

Revenue losses on petrol sales now stand at around Rs 3 (6 US cents), compared with around Rs 0.41 a litre in the fortnight ending 31 August due to an increase in Singapore spot prices of the fuel, he said. “There is scope to raise petrol prices,” Goyal said in an interview on the sidelines of the Asia Pacific Petroleum Conference (Appec).