New Delhi: With international crude oil prices continuing to rule below $50 per barrel, the three state-run oil marketing companies (OMCs) Tuesday decided to reduce petrol and diesel prices.

Taking into account the effect of state levies, the petrol price in Delhi will be cut by Rs.2.42 per litre, while diesel cost will come down by Rs.2.25 per litre from midnight Tuesday.

As a result of the latest price revision, consumers would have to shell out Rs.56.49 per litre for petrol and Rs.46.01 per litre for diesel at the fuel stations in the national capital (subject to state levies).

Currently, petrol is priced at Rs.58.91 per litre and diesel cost per litre is pegged at Rs.48.26.

According to Indian Oil Corporation (IOC), the latest revision was done keeping in account the deceleration of prices globally and the appreciation in rupee-dollar exchange rate.

"The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel," IOC said.

On Jan 16, the three state-run OMCs had cut petrol price by Rs.2.42 a litre and that of diesel by Rs.2.25 per litre.

This is the third time since the beginning of 2015, that the prices of both the transportation fuels have been reduced.

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