Petrol price was Tuesday cut by Rs 1.46 a litre and diesel by Rs 1.53 per litre, reversing the rising trend of the past few weeks.
The reduction in rates announced by Indian Oil Corporation, the nation's biggest fuel retailer, is excluding state levies (VAT) and the actual cut will be higher after considering them.
Petrol in Delhi will cost Rs 65.93 a litre from mid-night tonight, Rs 1.69 lower than Rs 67.62 currently. Similarly, a litre of diesel will cost Rs 54.71, Rs 1.7 lower than Rs 56.41 currently.
The reduction in petrol price comes after six increases since September while in the case of diesel, it reverses three hikes of last month.