IOC to cut petrol prices by 1.5 pct from Friday

Thu Jul 31, 2014 7:07pm IST

Employees manually fill containers with diesel during a power cut at a fuel station in New Delhi July 31, 2012. REUTERS/Adnan Abidi/Files

Employees manually fill containers with diesel during a power cut at a fuel station in New Delhi July 31, 2012.

Credit: Reuters/Adnan Abidi/Files

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REUTERS - Indian Oil Corp (IOC) will cut the retail price of petrol by about 1.5 percent, or 1.09 rupees/litre at Delhi, from Friday as global prices of the fuel have eased since the last revision, the company said in a statement on Thursday.

The country's biggest refiner will, however, raise diesel prices by about 1 percent from Friday, it said.

The government last year allowed state oil firms to raise prices of diesel in small amounts every month to gradually end subsidies.

India's three state-run fuel retailers - IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - tend to move their prices together.

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)

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