State-run Indian Oil Corp said petrol prices need to be raised as revenue losses

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for refiners widen, its head of finance P. K. Goyal said on Tuesday.

Revenue losses on petrol sales now stand at about three rupees compared to about 0.41 rupees a litre in the fortnight ending Aug. 31 due to an increase in Singapore spot prices of the fuel, he said.

"There is scope to raise petrol prices. In the last fortnight (ending Aug. 31), our revenue loss was 41 paise a litre. It has now risen to about three rupees," Goyal told Reuters in an interview on the sidelines of the Asia Pacific Petroleum Conference (APPEC).