IOC to raise petrol, diesel prices from Thursday

REUTERS - Indian Oil Corp Ltd (IOC), the country's biggest refiner, said it would raise petrol prices by 1.2 percent and diesel by 1.1 percent from Thursday after global prices of the fuels have risen.

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

India deregulated fuel prices in June 2010.

In January, India allowed fuel retailers to raise the price of subsidised diesel by around 50 paise a litre every month and asked bulk buyers to pay market rates.

(Reporting by Nidhi Verma in New Delhi; editing by Jane Baird)