Petrol price was on Friday cut by Rs0.74 per litre and diesel by Rs1.30, reversing the 2-month trend of rising rates.
Petrol in Delhi will cost Rs61.13 per litre from midnight tonight as against Rs61.87 currently, said Indian Oil Corp (IOC), the nation's largest fuel retailer.
Similarly, a litre of diesel will cost Rs48.01 compared to Rs49.31 at present.
The reduction comes on back of two straight increases in petrol prices - Rs3.07 a litre on March 17 and Rs2.19 per litre on April 4, and four straight hikes in diesel prices. Diesel price was last hiked on April 4 by Rs0.98 a litre and three previous increases totaled Rs3.65 per litre.
"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant decrease in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said.
State-owned fuel retailers IOC, Bharat Petroleum Corporation ltd (BPCl) and Hindustan Petroleum Corporation ltd (HPCl) revise rates of the fuel on 1st and 16th of every month .