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IOC To Cut Petrol Prices By A Rupee From 2 April

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Indian Oil Corp, the country's biggest refiner, will cut petrol prices by a rupee from Tuesday, 2 April 2013, 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 and Hindustan Petroleum Corp - 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.

(Reuters)