Following a decline in global crude oil prices, petrol prices were cut by Rs.3.77 per litre and piese prices by Rs. 2.91 per litre.

The prices were cut by state-owned oil companies on Friday night with immediate effect.

In Delhi, petrol currently costs Rs.71.14/litre and diesel costs at Rs.59.02/litre.

“Indian Oil Corporation Limited has decided to decrease the selling price of petrol by Rs.3.77/litre and price of diesel by Rs.2.91/litre,” OIC said in a statement, adding, “The change excludes state levies”.

“The current level of international product prices of Petrol & Diesel and Rupee-Dollar exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision,” according to the statement.