IOC to raise petrol price, cut diesel from Tuesday

NEW DELHI (Reuters) - Indian Oil Corp will cut the retail prices of diesel by 2.6 percent and raise those of petrol by about 1 percent from Tuesday, reflecting changes in global prices of the two fuels since the last revision.

The retail price of diesel prices will decline by 1.35 rupees ($0.02) and that of petrol will increase by 0.64 rupees per litre, a company statement showed.

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

($1 = 64.0411 rupees)

(Reporting by Nidhi Verma; editing by Susan Thomas)