NEW DELHI (Reuters) - Indian Oil Corp will cut the price of diesel by 7.2 percent and that of gasoline by 3.6 percent from Saturday reflecting changes in global price of the two fuels since the last revision.
The retail price of diesel will decline by 3.60 rupees ($0.06) and that of gasoline, or petrol, will decrease by 2.43 rupees a litre, a company statement said.
India's three state-controlled oil companies IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd tend to move retail prices of fuels in tandem.
($1 = 63.8971 rupees)
(Reporting by Nidhi Verma, editing by David Evans)