Indian Oil Corp will cut the retail price of petrol by about 1.5 per cent, or 1.09 rupees/litre at Delhi, from today as global prices of the fuel have eased since the last revision, the company said in a statement on Thursday, reports Reuters. The country’s biggest refiner will, however, raise diesel prices by about 1 per cent from today, 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.
-With New Age input
