India increased retail gasoline and diesel prices by up to 10% on Wednesday, but has put plans for fuel price deregulation on the backburner. The increases, the first in 13 months, are designed to cut losses at state-run refiners and retailers amid climbing international crude oil prices. According to Petroleum Secretary RS Pandey, Indian Oil, Bharat Petroleum and Hindustan Petroleum are between them losing 1.7 billion rupees ($35.4 million) every day from selling gasoline, diesel, kerosene and liquefied petroleum gas (LPG) below cost.
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