IOC raises petrol, diesel prices

REUTERS - Indian Oil Corp (IOC), the country's biggest refiner, will raise retail prices of petrol by 1.4 percent and diesel by 1.1 percent from Saturday as the rupee depreciated against the dollar, it said in a statement on Friday.

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

India deregulated gasoline prices in June 2010.

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

(Reporting by Nidhi Verma; Editing by Anthony Barker)