Petrol prices cut by 56 paise

NEW DELHI Tue Oct 9, 2012 12:25am IST

An employee fills diesel in a public bus at a fuel station in Kolkata August 13, 2012. REUTERS/Rupak De Chowdhuri/Files

An employee fills diesel in a public bus at a fuel station in Kolkata August 13, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - Indian state-fuel retailers will marginally cut petrol prices from Tuesday, reflecting a strengthening rupee, the country's largest fuel retailer Indian Oil Corp (IOC.NS) said on Monday.

The new retail prices of petrol in Delhi will be 67.90 rupees a litre, about 0.8 percent lower than current 68.46 rupees a litre.

The partially convertible rupee closed at 52.64/65 per dollar, while Brent crude oil was trading at $111.26 a barrel at 1245 GMT.

"The trends in the international oil market and Rupee-Dollar exchange rate shall be closely monitored and the same shall be reflected in future price changes," IOC said in the statement.

India's three state-run fuel retailers - IOC, Bharat Petroleum Corp (BPCL.NS) and Hindustan Petroleum Corp (BPCL.NS) - tend to move their prices together.

India liberalised petrol prices in June 2010 but the government continues to unofficially dictate prices to refiners, who suffered revenue losses of 26 billion rupees in April-September

"Oil Marketing Companies have incurred a loss of 26 billion rupees approximately on sale of gasoline during April-September due to inability to change retail selling prices to the desired extent in line with market conditions," the statement said.

(Reporting by Nidhi Verma; editing by James Jukwey)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Drug Pricing

REUTERS SHOWCASE

 G20 Meet

G20 Meet

As G20 chases growth goal, members differ on how to get there   Full Article 

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage