IOC to raise diesel prices from Saturday

REUTERS - Indian Oil Corp (IOC), the country's biggest refiner, will raise diesel prices by 2.1 percent from Saturday, it said in a statement.

India's three state-run fuel retailers -- IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp -- tend to move their prices together.

India had allowed fuel retailers in January to raise the price of subsidised diesel by 1 U.S. cent a litre every month and asked bulk buyers to pay market rates.

A hike of 0.9 rupees (2 US cents) will cover the increases meant for April and May, the statement said. The retailers had held back the price increase last month ahead of elections in Karnataka.

 

(Reporting by Nidhi Verma; editing by Rajesh Kumar Singh)