The company said that since the last price change, while global oil rates have remained almost static, the rupee has strengthened further against the dollar.
"The continued appreciation of the rupee has resulted in reduction in petrol prices warranting the proposed decrease in selling price by Rs 0.70 a litre (excluding state levies) with effect from midnight of April 15/16," IOC said today.
The company said oil firms are losing Rs 5.49 a litre on diesel, Rs 34.43 per litre on kerosene sold through the public distribution system and Rs 505.50 per 14.2-kg domestic LPG cylinder.
It projected the industry's revenue loss on the sale of the three products at Rs 120,000 crore in the current financial year.
"The movement of prices in the international oil market and rupee-USD exchange rate are continuously under watch and developing trends reflected in future price changes," it added.