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:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

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