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IOC to cut petrol prices by a rupee from Tuesday

REUTERS - Indian Oil Corp (IOC.NS), the country's biggest refiner, will cut petrol prices by a rupee from Tuesday as global prices of the fuel have declined and the rupee has marginally strengthened against the dollar, it said in a statement.

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

The government deregulated gasoline prices in June 2010.

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

(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)