IOC cuts petrol prices by a rupee

REUTERS - Indian Oil Corp , the country's biggest refiner, cut petrol prices by a rupee from Tuesday as global prices of the fuel have declined and the rupee has marginally strengthened against the dollar, it said in a statement.

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

The government deregulated gasoline prices in June 2010.

In January it allowed fuel retailers to raise the price of subsidised diesel by 50 paise a litre every month and asked bulk buyers to pay market rates.

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)