16 November,2012 07:13 AM IST | | Agencies
Oil marketing company Indian Oil Corp (IOC) announced the reduction in prices citing fall in international crude oil prices. "Other fuel retailers (BPCL and HPCL) will also reduce petrol rates," said an oil ministry official.
Petrol prices were cut by 56 paise on October 9. Thereafter, the rate was hiked by 29 paise following a government decision to raise the commission paid to dealers.
