Petrol firms discussing price rise

Indian Oil Corp (IOC) is currently losing slightly less than Rs 6 per litre on petrol sales, its chairman R S Butola told reporters on Friday, adding that companies were discussing an increase in prices.

"There is a need to raise petrol prices. We are in consultations with our colleagues at other oil marekting companies and stakeholders," Butola said.

The government subsidises costs of diesel, cooking gas and kerosene but in theory petrol prices from state-run retailers are liberalised.