May 30, 2018 / 1:34 AM / a year ago

India's top fuel retailer trims petrol, diesel prices

FILE PHOTO: A logo of Indian Oil is seen on the shirt of an employee at a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/File Photo

NEW DELHI (Reuters) - Indian Oil Corp, (IOC.NS), the country’s top refiner and fuel retailer, has marginally cut pump prices of petrol and diesel around India, its website showed on Wednesday.

In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.

Fuel prices vary from state to state due to local taxes.

Domestic petrol and diesel prices touched a record high on Friday.

Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.

Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014 [O/R].

India’s three state-run fuel retailers - IOC, BPCL (BPCL.NS) and Hindustan Petroleum Corp (HPCL.NS) - control most of India’s fuel retail market and tend to move their fuel prices in tandem.

Reporting by Nidhi Verma

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