NEW DELHI (Reuters) - Indian Oil Corp (IOC) will cut the price of petrol and diesel by two rupees a litre, excluding local levies, reflecting changes in the global price of the two fuels since the last revision.
The retail price of gasoline will however rise in New Delhi as the state government on Wednesday increased local taxes on the fuel by 5 percentage points to 25 percent. Local levies on diesel have also been raised to 16.6 percent from 12.5 percent.
Because of changes in taxes, prices of diesel will decline by 0.50 rupees in the national capital and that of petrol will rise by 0.28 rupees per litre.
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.
(Reporting by Nidhi Verma, editing by David Evans)
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