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This is an archive article published on July 8, 2010

IOC against frequent fuel price revision

State-run refiners hope to work out rules for setting market-driven prices of fuel across the country by mid-July.

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State-run Indian Oil Corp,the country’s biggest oil retailer,does not want fuel prices to be revised very often,its chairman B.M. Bansal said on Thursday. State-run refiners hope to work out rules for setting market-driven prices of fuel across the country by mid-July,two sources directly involved in the process said on Wednesday.

Last month,India granted autonomy to oil firms to fix retail prices of gasoline and raised prices of diesel,kerosene,and cooking gas. It also said that diesel prices would eventually be market-determined but gave no time frame.

IOC owns 10 plants in India with a combined capacity of 1.2 million barrels per day.

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