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Petrol prices to be cut by 56 paise from Tuesday

INDIA-CUTS-PETROL-PRICES-FROM-TUESDAY:Petrol prices to be cut by 56 paise from Tuesday

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Indian state-fuel retailers will marginally cut Tuesday, reflecting a strengthening rupee, the country's largest fuel retailer said on Monday.

The new retail prices of petrol in will be 67.90 rupees a litre, about 0.8 percent lower than current 68.46 rupees a litre.

The partially convertible rupee closed at 52.64/65 per dollar, while Brent crude oil was trading at $111.26 a barrel at 1245 GMT.

"The trends in the international oil market and Rupee-Dollar exchange rate shall be closely monitored and the same shall be reflected in future price changes," said in the statement.

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

liberalised petrol prices in June 2010 but the government continues to unofficially dictate prices to refiners, who suffered revenue losses of 26 billion rupees in April-September

"Oil Marketing Companies have incurred a loss of 26 billion rupees approximately on sale of gasoline during April-September due to inability to change retail selling prices to the desired extent in line with market conditions," the statement said.

 

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