Moneycontrol BureauState-owned Indian Oil Corporation (IOC) has cut petrol price by 32 paise per litre and diesel by 85 paise a litre, effective midnight. This is the first reduction in rates this month. After the three price cuts that happened last month, petrol in Delhi was costing Rs 64.47 per litre. It will now cost Rs 64.15 per litre, from Saturday, while a litre of diesel will cost Rs 45.27 per litre as against Rs 46.12 currently.State-owned fuel retailers — IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) — revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight. IOC, the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India, has presence in the complete hydrocarbon value chain from downstream refining and marketing, pipeline transportation, petrochemicals, E&P and gas marketing.
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