India state retailers to marginally cut petrol, diesel prices from Tuesday

A man sits outside an Indian Oil fuel station in New Delhi

NEW DELHI (Reuters) - India's top fuel retailer Indian Oil Corp will marginally cut petrol and diesel prices from Tuesday, according to a notification sent to dealers, reflecting a decline in global oil prices.

A liter of petrol in New Delhi will cost 96.32 rupees ($1.16), while diesel will be sold at 89.24 rupees, the notification showed. At present, a liter of petrol is sold at 96.72 rupees and a liter of diesel at 89.62 rupees.

Indian state fuel retailers IOC, Bharat Petroleum Corp, and Hindustan Petroleum Corp dominate the local fuel sales market and move prices in tandem. The companies could not be reached for comment outside office hours.

This is the first revision in retail prices of petrol and diesel since late May, when the federal government cut taxes on the two fuels to shield customers from high global prices and rein in inflation.

($1 = 82.7450 Indian rupees)

(Reporting by Nidhi Verma; Editing by Jan Harvey)