Petrol price was on Monday cut by Rs 2 per litre and diesel by Rs 0.50 a litre, the third reduction in rates this month on fall in global oil rates.
The new rates will be effective midnight tonight, said Indian Oil Corporation (IOC).
Price of petrol in Delhi has been cut by Rs 2 per litre, including local levies, and will cost Rs 61.20 per litre from Tuesday as against Rs 63.20 currently.
A litre of diesel will cost Rs 44.45 as compared to Rs 44.95 currently.
Oil firms had last cut petrol price by Rs 1.27 a litre and diesel by Rs 1.17 per litre with effect from August 15.
“Since last price change, there has been a decrease in international prices of both petrol and diesel. However, rupee-U.S. dollar exchange rate has depreciated during this period. The impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease,” the IOC said in a statement.
