After this revision, petrol will cost Rs 59.35 per litre in Delhi, as against Rs 59.98 currently, whereas a litre of diesel will cost Rs 45.03 as against Rs 46.09 until now, Indian Oil Corporation (IOC) said.
Fuel prices were last revised downwards - petrol by 50 paise a litre and diesel by 46 paise a litre - on December 16. Prior to that, oil firms had on December 1 cut the price of petrol by 58 paise per litre and that of diesel by 25 paise per litre.
Petrol and diesel prices are de-regulated in India - which means they are linked to market rates.
State-owned fuel retailers - Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation - review petrol and diesel prices every fortnight based on average import cost and rupee-dollar exchange rate in the previous two weeks.
"The current level of international product prices of Petrol and Diesel and rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," IOC, the country's largest fuel retailer, said in a statement.
The movement of prices in the international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, it added.
