State-run retailers to cut petrol prices

Thu Nov 15, 2012 8:58pm IST

An employee counts money at a fuel station in Kolkata April 7, 2011. REUTERS/Rupak De Chowdhuri/Files

An employee counts money at a fuel station in Kolkata April 7, 2011.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

REUTERS - State-run fuel retailers will cut petrol prices by about 1.4 percent from Friday as global oil prices are relatively stable, the country's largest fuel retailer, Indian Oil Corp(IOC.NS), said on Thursday.

A litre of petrol will cost 67.24 rupees in New Delhi.

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

The partially convertible rupee closed at 54.70 per dollar, while Brent crude oil was trading at $110.10 a barrel at 1139 GMT.

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 20 billion rupees in April-Sept on gasoline sales.

(Reporting by Nidhi Verma; Editing by Sunil Nair)

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

Economic Pulse

REUTERS SHOWCASE

NSEL Fraud

NSEL Fraud

Govt orders Financial Tech to absorb NSEL, liabilities  Full Article 

Stalemate

Stalemate

WTO prepares for crisis talks as India keeps veto on global deal.  Full Article 

Deal Talk

Deal Talk

Smartphone repair company B2X steps up expansion with Indian deal.  Full Article 

Earnings Season

Earnings Season

HDFC Bank eyes pickup in corporate credit.  Full Article 

JLR China

JLR China

JLR sees 20 percent growth in China sales this year - exec  Full Article 

Iron Ore Imports

Iron Ore Imports

JSW Steel to boost iron ore imports by up to 80 percent.  Full Article 

Pollution Levels

Pollution Levels

Delhi braces for worst air quality this Diwali week.  Full Article 

Remembering Margerie

Remembering Margerie

Total’s "Big Moustache"- bon vivant, deal-maker and risk-taker .  Full Article 

Reuters India Mobile

Reuters India Mobile

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