NEW DELHI (Reuters) - State fuel retailers may marginally raise petrol and diesel prices on Friday or Saturday, the chairman of Bharat Petroleum Corp. (BPCL) said on Thursday.
India's three state-run fuel retailers -- Indian Oil Corp , BPCL and Hindustan Petroleum Corp -- tend to move their fuel prices in tandem.
India said last month it would allow fuel retailers to raise the price of subsidised diesel by 1 U.S. cent a litre every month and asked bulk buyers to pay market rates.
"On diesel prices there is a cabinet decision that we can raise prices by 0.40 rupees-0.50 rupees a litre and the next increase is falling due on February 15," R. K. Singh told Reuters.
He also said fuel retailers are currently suffering a revenue loss of 1.23 rupees a litre on retail sales of petrol.
"We might increase petrol prices by 1 rupee or so," he said, adding prices of both the fuels will be raised together.
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R. S. Butola, chairman of IOC, the country's biggest refiner and fuel retailer, said on Wednesday diesel prices will be reviewed on Friday or Saturday.
A litre of diesel currently cost 47.65 rupees for retail customers in New Delhi while petrol is sold at 67.26 rupees, according to IOC's website.
(Reporting by Nidhi Verma; Editing by Jo Winterbottom)