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Petrol prices to be slashed by 56 paise from Tuesday

Reuters  |  NEW DELHI  

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

The new retail of 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 together.

liberalised in June 2010 but the government continues to unofficially dictate 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 to the desired extent in line with market conditions," the statement said.

 

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