For the seventh time since August, Petrol and diesel prices have been further reduced, effective since last night.
Petrol price has been cut by 91 Paise and diesel price has been cut by 84 Paise per litre.
Fuel rates were last revised on the 1st of November, by reducing Rupees 2.41 per litre of petrol and Rupees 2.25 per litre of diesel, due to the decline of oil prices internationally.
This is the seventh time petrol prices have been dropped since August and the third time diesel is getting a drop in price since October.
Indian Oil Corp (IOC), India's largest fuel retailer said in a statement, "Since the last price changes, the international prices of both petrol and diesel have continued to be on a downtrend."
"The Rupee-USD exchange rate has however appreciated since the last price change. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel,"
"The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes."