<div>Indian Oil Corp has cut retail gasoline prices by about 1.78 percent or 1.21 rupees a litre from Wednesday as global prices of the fuel have eased since the last revision, the company said in a statement late on Tuesday.</div><div> </div><div>The three state-run fuel retailers -- IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd -- tend to move their prices together.</div><div> </div><div><span style="line-height: 1.4;">The state-owned oil firms, which cut petrol price by 54 paisa on October 1, reduced rates by another Re 1 per litre, excluding local sales tax or VAT, with effect from midnight tonight.</span></div><div> </div><div><div style="line-height: 15.3999996185303px;"><span style="line-height: 1.4;">But the first reduction in diesel rates in over five years will have to wait till completion of assembly polls.</span></div><div style="line-height: 15.3999996185303px;"> </div></div><div><div>The price revision was announced ahead of Wednesday's polling in Maharashtra and Haryana.</div><div> </div><div>After accounting for the incidence of local sales tax, petrol rate in Delhi was reduced by Rs 1.21 a litre to Rs 66.65 per litre, according to Indian Oil, the nation's largest fuel retailer.</div><div> </div><div>In Mumbai, petrol price was cut from Rs 75.73 to Rs 74.46 per litre.</div><div> </div><div>A Rs 2.50 per litre cut in diesel prices, the first in over four years, is likely after results of assembly polls in Maharashtra and Haryana are announced on Sunday.</div><div> </div><div>Diesel, the nation's most consumed fuel that has a direct bearing on prices of essential commodities as it is the preferred fuel for the transport sector, is regulated or controlled by the government.</div><div> </div><div><span style="line-height: 1.4;">(Agencies)</span></div></div>
