India's biggest fuel retailer, Indian Oil Corporation (IOC), slashed petrol prices by Rs 1.46 a litre and that of diesel by Rs 1.53 per litre from midnight today, news agencies reported.
Petrol in Delhi will cost Rs. 66.36 per litre, including Value Added Tax (VAT). The reduction in the price of petrol comes after six hikes since September during which prices went up by Rs 7.53 per litre.
Diesel, the price of which went up by Rs 3.90 a litre after three price hikes in October, will cost Rs. 62.14 from midnight.
"The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrants decrease in selling price of petrol and diesel, the impact of which is being passed on to consumers with this price revision," IOC said in a statement.
IOC said it would continue to monitor the movement of prices in the international oil market and the rupee-dollar exchange rate and revise prices accordingly.
Petrol and diesel prices were last hiked on November 1 --- by 89 paise per litre for petrol and 86 paise a litre for diesel, excluding state levies.