IOC to cut petrol prices by 1 rupee per litre from Tuesday

REUTERS - Indian Oil Corp (IOC) , the country's biggest refiner, will cut petrol prices by about 1.8 percent from Tuesday as global prices of the fuel have declined, it said in a statement on Monday.

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

India deregulated gasoline prices in June 2010.

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

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)