IOC to Cut Petrol Prices by 1.2%from Wednesday
Mumbai   17-Apr-2014

HEWDEL%U IndianOil (bc) will cut retail prices of petrol by 12°hfrom Wednesday as the rupee has strengthened against the dollar since the last revision, it said in a statement on Tuesday.

In 2010,the Indian government allowed fuel retailers to charge market rates for petrol and later permitted them to raise the price of subsidized diesel in small amount severy month, but asked bulk buyers to pay market rates. lOC, the country’s to prefiner, has put off any hike in diesel prices due to elections that began on April7.