IOC to cut petrol prices by 50 paise from Sunday

NEW DELHI (Reuters) - Indian Oil Corp (IOC) will decrease petrol prices by about 0.8 percent from Sunday, reflecting changes in global prices of the fuel since the last revision.

The retail price of petrol will fall by 0.5 rupees ($0.0076) a litre, the company said in a statement on Saturday.

India's three state-controlled oil companies IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd tend to move retail prices for their fuels in concert.

($1 = 65.4128 rupees)

(Reporting by Aditi Shah; Editing by Toby Chopra)