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Market Chatter: Indian Fuel Retailers Raise Prices for the Fourth Time This Month to Stem Losses

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India's state-owned fuel retailers hiked the prices of petrol and diesel on Monday, marking the fourth such increase in May and one aimed at recouping losses incurred due to high wholesale prices, according to a Reuters report citing dealers.

The retail prices of petrol and diesel rose by 2.61 rupees ($0.027) and 2.71 rupees, respectively, across outlets operated by state fuel retailers, which account for 90% of the network.

Since price increases began on May 15, the prices of petrol and diesel have risen by 8.6% and 7.8%, respectively, as rising import prices linked to supply disruption, weigh on the world's third-largest oil importer and consumer.

In a statement released on Saturday, the Indian Oil Corporation, the country's largest fuel retailer, said that sales of petrol and diesel had increased by 14% and 18% so far this month over and above this time last year, despite the higher prices.

Leading Indian state-owned fuel retailers did not immediately respond to' request for comment on this story.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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