Moneycontrol
Last Updated : May 30, 2018 12:42 PM IST | Source: Reuters

IOC cuts petrol, diesel prices by 1 paise not 59 paise

In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.

Indian Oil Corp, the country's top refiner and fuel retailer, has marginally cut pump prices of petrol and diesel around India, its website showed on Wednesday.

In New Delhi, a cut of less than 1 percentage point means that petrol will cost 77.83 rupees/litre on Wednesday, while diesel will be sold at 68.75 rupees/litre.

Fuel prices vary from state to state due to local taxes.

Domestic petrol and diesel prices touched a record high on Friday.

Petrol and diesel prices in India are linked to Singapore gasoline prices and Arab Gulf diesel prices , which mostly track movements in crude oil prices .

Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.

India's three state-run fuel retailers - IOC, BPCL and Hindustan Petroleum Corp - control most of India's fuel retail market and tend to move their fuel prices in tandem.
First Published on May 30, 2018 07:35 am
Loading...
Sections
Follow us on
Available On