IOC to cut petrol prices by a rupee from Tuesday

Mon Apr 1, 2013 6:45pm IST

An employee measures diesel in a tanker before unloading at a fuel station in Kolkata August 13, 2012. REUTERS/Rupak De Chowdhuri/Files

An employee measures diesel in a tanker before unloading at a fuel station in Kolkata August 13, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

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)

FILED UNDER:

Reuters Showcase

FMC-SEBI Merger

FMC-SEBI Merger

Regulatory shakeup could revive commodities markets   Full Article 

Market Eye

Market Eye

Sensex, Nifty end higher after bumpy budget-day trading  Full Article 

Tax Incentives

Tax Incentives

Budget woos foreign investors  Full Article 

Excise Duty

Excise Duty

Cigarette makers fall after budget hikes excise duty  Full Article 

Welcoming the Budget

Welcoming the Budget

India Inc cheers corporate tax cut, simpler rules  Full Article 

Gold Price

Gold Price

Gold prices to rise after budget keeps import duty high  Full Article 

Fuel Prices

Fuel Prices

IOC to raise diesel, petrol prices from Sunday  Full Article 

Moody's on Budget

Moody's on Budget

Budget "credit neutral" from a ratings perspective - Moody's   Full Article 

Reuters India Mobile

Reuters India Mobile

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