May 30, 2018 / 6:39 AM / 3 months ago

BUZZ-Indian Oil Corp shares cut losses slightly after price revision

(Updates with revised pump prices, share movements)

** 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 IOC cuts petrol and diesel prices by 0.01 rupee/litre

** Earlier in day, IOC had announced a reduction of 0.60 rupees/litre in petrol prices and 0.56 rupees/litre in diesel prices. Later the company said the reduction is minimal

** IOC cuts losses marginally after revised prices are announced

** 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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