The price of petrol was reduced on Monday night by Rs 2.16 per litre and diesel by Rs 2.10 a litre, effective midnight.
The price cut reverses the four-week trend of hiking the petrol and diesel prices.
Prior to this, petrol price was hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre from 16 April.
Indian Oil Corporation (IOC), the nation's largest fuel retailer, said the rate cut on both petrol and diesel excluded state levies.
Actual reduction in price will be more after taking into account local VAT.
Petrol in Delhi will cost Rs 65.32 a litre from Tuesday, as against Rs 68.09 currently. Similarly, a litre of diesel will be priced at Rs 54.90 as compared to Rs 57.35 at present.
The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revisionStatement, IOC
The movement of prices in the international oil market and INR-USD exchange rate will continue to be monitored closely and developing trends of the market will be reflected in future price changes, it said.
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