Need to raise petrol prices: IOC
New Delhi   07-Sep-2011

State-run IndianOil said petrol prices need to be raised as revenue losses from selling the fuel at government controlled rates have widened more than seven-fold this month, head of finance PK Goyal said on Tuesday.

Revenue losses on petrol sales now stand at about three rupees (6 US cents) compared to about 0.41 Re a litre in the fortnight ending Aug. 31 due to an increase in Singapore spot prices of the fuel, he said.

"There is scope to raise petrol prices," Goyal told Reuters in an interview on the sidelines of the Asia Pacific Petroleum Conference (APPEC).