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
State Bank of India, the nation's top lender by assets, posted better-than-expected quarterly bad debt levels on Friday and said it now expected an improvement, a long-awaited sign of easing pressure that helped its shares jump over five percent. Read | Full Coverage
Gold demand slows as China eyes equities; lack of weddings in India weighs Full Article