REUTERS - Indian Oil Corp (IOC.NS), the country's biggest refiner, will cut petrol prices by a rupee from Tuesday as global prices of the fuel have declined and the rupee has marginally strengthened against the dollar, it said in a 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.
The government deregulated gasoline prices in June 2010.
In January it allowed fuel retailers to raise the price of subsidised diesel by 50 paise a litre every month and asked bulk buyers to pay market rates.
(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)
Trending On Reuters
Over a dozen debt-laden farmers have committed suicide in recent weeks in India, and discontent in many rural areas against government policies is turning into anger against Prime Minister Narendra Modi less than a year after he swept into office. Full Article
Iran, powers close in on 2-3 page nuclear deal; success uncertain - officials Full Article