The cut in the retail price of petrol is about three percent. The cut is being undertaken owing to a reduction in international crude oil prices, the company said in a statement late on Wednesday. Three state-run fuel retailers - IOC, BPCL and HPCL - tend to move their prices together.
The price of petrol price was last reduced by Rs.1.09 per litre on July 31, while the price of diesel was hiked by 50 paise per litre. It was the first drop in the prices of petrol since April.