The petrol price has been slashed by Rs 1.46 per litre, finally a decrease in price after six successive increase in price since September.
The new petrol price which is effective from midnight will be Rs 66.16 in New Delhi. The diesel price has also been cut by Rs 1.53 per litre.
After increasing the price of diesel three times in a row, the current diesel price stands at Rs 54.88 in New Delhi.
The last fluctuation in petrol price was by Rs 0.89 per litre and diesel price was raised by Rs 0.86 per litres.
The total price hike tally came to Rs 7.53 per litre in just two months. Whereas the three price hikes of diesel totaled Rs 3.90 per litre.
In a statement during the previous price hikes, Indian Oil Corporation Limited said, "The current level of international product prices of petrol and diesel and rupee-US dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision."