May 30, 2018 / 4:44 AM / 24 days ago

BUZZ-Shares of Indian oil marketing firms decline; IOC cuts pump prices

** Shares of Indian oil marketing companies decline in early trade

** Indian Oil Corp Ltd, Bharat Petroleum Corp and Hindustan Petroleum Corp fall as much as 2.1 pct to 3.3 pct

** Top refiner and fuel retailer Indian Oil marginally cuts pump prices of petrol and diesel, its website shows

** Domestic petrol and diesel prices touched record highs on Friday

** Petrol and diesel prices in India are linked to Singapore gasoline prices and Arab Gulf diesel prices, which mostly track movements in crude oil prices

** Crude oil prices fall as Saudi Arabia and Russia say they are ready to ease supply curbs that have pushed crude prices to their highest since 2014

** State-run BPCL, HPCL and IOC control most of the fuel retail market

** BPCL posts 45 pct rise in March-qtr profit on Tuesday

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