Petrol and diesel prices were slashed by Rs. 0.58 and Rs. 0.25 per litre respectively with effect from midnight.
After this revision, the price of petrol in Delhi will become Rs. 60.48 a litre, while that of diesel will be Rs 46.55 a litre.
"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," said the country's largest oil retailer, Indian Oil Corporation.
Last month, state fuel retailers had cut the price of petrol by 50 paise a litre but kept that of diesel unchanged following their fortnightly review to align local prices with international ones and adjust for foreign exchange rates.