Petrol price was cut by 54 paisa a litre on Tuesday but the first reduction in diesel rates in over five years was put off until the return of Prime Minister Narendra Modi from the US.
State-owned oil firms, which skipped raising rates on September 16 even though their cost had gone up, cut prices in view of the downward trend in international markets.
Petrol price was reduced by 54 paisa a litre .