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)
Trending On Reuters
India hanged Yakub Memon on Thursday for his role in the country's deadliest bombings, which killed at least 257 people in Mumbai in 1993, after the Supreme Court rejected a desperate overnight plea to delay his execution. Full Article | Video
Samsung Electronics cautious on outlook, says mobile business environment tough Full Article