IOC to cut petrol price by Rs 2/litre from midnight

Indian Oil Corporation will cut petrol prices by Rs 2 per litre with effect from midnight today following a decline in international oil prices, the government owned company annouced in the evening today.

Other major Indian fuel retailers like Hindustan Petroleum Corp and Bharat Petroleum Corp are also likely to follow the suit. Infact according to PTI report all oil retailers have cut petrol prices by Rs 2 per litre in the four metros with effect from midnight.

A slight dip in global crude prices against the strengthening Indian rupee have put fuel retailers in a comfortable position, and they are keen to pass on the benefits to consumers. Petrol prices have been raised 21 times since the government deregulated the sector.

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