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)
Trending On Reuters
The Supreme Court told tobacco companies on Wednesday they must adhere to a new federal rule requiring much larger health warnings on cigarette packs, in a major setback for the $11 billion industry that opposes the new policy. Full Article