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IOC To Cut Petrol Prices From 1 Oct

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Oil Corp (IOC), the country's biggest refiner, said on Monday, 30 September, it would cut petrol prices by 4.8 per cent following an appreciation of the rupee and softening global gasoline prices during the second half of September.

IOC, however, will raise diesel prices by 1.1 per cent to reduce its revenue losses as refiners sell the fuel at state-set low prices. The changes will be made from Tuesday (1 October).

India deregulated gasoline prices in June 2010.

In January, India allowed fuel retailers to raise the price of subsidised diesel in small amounts every month and asked bulk buyers to pay market rates.

Three state-run fuel retailers - IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp - tend to move their prices together.

Following are prices as charged by IOC in Delhi. Gasoline, diesel and kerosene prices are in rupees per litre, while liquefied petroleum gas (LPG) prices are per 14.2 kg cylinder.

(Reuters)