Petrol and diesel prices on Tuesday were cut by 31 paise and 71 paise a litre respectively in line with trend in global oil rates and rupee appreciation.
The revision in rates will be effective from midnight tonight.
The cut in petrol prices comes on back of three successive increases since May, while this is the second
reduction in diesel rates this month.
Petrol in Delhi will cost Rs 66.62 per litre from Wednesday instead of Rs 66.93 at present. A litre of diesel
will cost Rs 50.22 per litre as against Rs 50.93 earlier, Indian Oil Corp (IOC), the nation's largest oil company, said.
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Auto fuel rates were last revised on June 16 when prices of petrol were hiked by 64 paise a litre but diesel rates were cut by Rs 1.35 per litre.
"Since last price change, there has been a decrease in international prices of both petrol and diesel. Indian
rupee-US dollar exchange rate has appreciated during this period. Combined 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," IOC said.
Prior to June 16 revision, petrol prices were hiked by Rs 3.13 a litre and diesel by Rs 2.71 per litre on May 16.
State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.
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"The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC statement added.