Indian Oil Corp, the country's biggest fuel retailer, said on Tuesday there was a need to raise petrol prices, a day after the federal budget failed to announce any measures to stem revenue losses of state oil firms.

I hope the (global crude oil) prices will come down, IOC Finance Director S.V. Narasimhan said. He refused to say by when the company could raise petrol prices.

IOC's daily revenue loss on fuel sales now stood at 2.16 billion rupees ($47.72 million), he said.

Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the federal government, which partly compensates state oil firms for their losses when global crude oil prices increase.