IOC cuts petrol prices by a rupee

Tue Apr 2, 2013 7:51am 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, 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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Healthcare Corruption

REUTERS SHOWCASE

Deal Talk

Deal Talk

Exclusive - Lupin, U.S. firms weigh bids for GSK's mature drugs: sources  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 

Classifying Banks

Classifying Banks

RBI to start announcing too-big-to-fail banks in Aug 2015  Full Article 

Food Scandal

Food Scandal

Starbucks, Burger King dragged in as China food scandal spreads.  Full Article 

Bigger iPhones

Bigger iPhones

Apple asks suppliers to produce up to 80 mln large-screen iPhones - WSJ.  Full Article 

Wholesale Biz

Wholesale Biz

Wal-Mart adds $102.9 million in Indian wholesale business in June.  Full Article 

Reuters India Mobile

Reuters India Mobile

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