IOC to raise petrol, diesel prices from today

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)