The petrol price was on Thursday cut by 7 paise a litre and diesel by 5 paise — the second reduction in as many days on the back of softening international oil rates.
Petrol in Delhi now costs ₹78.35 a litre, down from ₹78.42, according to a price notification issued by State-owned oil firms.
The diesel rate has been cut to ₹69.25 a litre from ₹69.30.
This is the second reduction in rates coming after a 16-day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to the polls.
The petrol and diesel prices on Wednesday were cut by 1 paisa a litre each. That reduction followed rates touching an all-time high of ₹78.43 for petrol and ₹69.31 for diesel in Delhi on May 29.
Prices vary from State to State depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most State capitals.
In the 16 consecutive increases since May 14, petrol price was hiked by ₹3.8 a litre and diesel by ₹3.38.
