REUTERS – Indian Oil Corp , the country’s biggest refiner, will cutpetrol prices by a rupee from Tuesday as global prices of the fuel have declined and the rupee has marginally strengthened against the dollar, it said in a statement.
India’s three state-run fuel retailers – IOC, Bharat Petroleum Corpand Hindustan Petroleum Corp – tend to move their prices together.
The government deregulated gasoline prices in June 2010.
In January it allowed fuel retailers to raise the price of subsidised diesel by 50 paise a litre every month and asked bulk buyers to pay market rates.
