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State-run retailers to cut petrol prices

Source : REUTERS
Last Updated: Fri, Nov 16, 2012 17:23 hrs

State-run fuel retailers will cut petrol prices by about 1.4 percent from Friday as global oil prices are relatively stable, the country's largest fuel retailer, Indian Oil Corp, said on Thursday.

A litre of petrol will cost 67.24 rupees in New Delhi.

"The trends in the international oil market and rupee-dollar exchange rate are being closely monitored and the same shall be reflected in future price changes," IOC said in the statement.

The partially convertible rupee closed at 54.70 per dollar, while Brent crude oil was trading at $110.10 a barrel at 1139 GMT.

India's three state-run fuel retailers - IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp - tend to move their prices together.

India liberalised petrol prices in June 2010 but the government continues to unofficially dictate prices to refiners, who suffered revenue losses of 20 billion rupees in April-Sept on gasoline sales.

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