IOC to cut petrol prices from Tuesday

REUTERS - Oil Corp Ltd (IOC) , the country's biggest refiner, said on Monday it would cut petrol prices by 4.8 percent following an appreciation of the rupee and softening global gasoline prices during the second half of September.

IOC however will raise diesel prices by 1.1 percent to reduce its revenue losses as refiners sell the fuel at state-set low prices. The changes will be made from Tuesday.

India deregulated gasoline prices in June 2010.

In January, India allowed fuel retailers to raise the price of subsidised diesel in small amounts every month and asked bulk buyers to pay market rates.

Three state-run fuel retailers - IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - tend to move their prices together.

 

Following are prices as charged by IOC in Delhi. Gasoline, diesel and kerosene prices are in rupees per litre, while liquefied petroleum gas (LPG) prices are per 14.2 kg cylinder.

(Reporting by Nidhi Verma in New Delhi; editing by Prateek Chatterjee and Keiron Henderson)