REUTERS - Indian Oil Corp Ltd.(IOC) will cut retail prices of petrol by 1.2 percent from Tuesday as the rupee has strengthened against the dollar and global prices of the fuel have weakened since the last revision, it said in a statement on Monday.
In 2010, the government allowed fuel retailers to charge market rates for gasoline and later permitted them to raise the price of subsidised diesel in small amounts every month, but asked bulk buyers to pay market rates.
IOC, the country's top refiner, has put off any hike in diesel prices due to elections from April 7.
India's three state-run fuel retailers - IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - tend to move their prices together.
<$1 = 59.91 rupees>
(Reporting by Nidhi Verma in New Delhi; editing by David Evans)
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