India's IOC Cut Diesel Prices by 0.8%

Posted by Joseph R Fonseca July 16, 2016

Indian Oil Corp (IOC) will cut the price of diesel by 0.8 percent from Saturday and that of gasoline by 3.5 percent, reflecting changes in global fuel prices, the company said in a statement.

India's three state-run oil companies, IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, tend to adjust retail prices of fuels in concert.

A litre of diesel will sell for 54.28 rupees in the Indian capital, New Delhi, while gasoline will cost 62.51 rupees a litre from Saturday.

(Reporting by Sankalp Phartiyal, editing by David Evans)