While the new petrol rates will be effective from Friday, there will be no change in those of diesel.
The reduction in rates comes in the wake of falling crude oil prices in the international market. The fall in global oil prices has also helped lower losses on diesel sales.
In Delhi, petrol will now cost Rs. 68.34 per litre against Rs. 70.74 currently.
It was expected that oil firms will affect the monthly hike of 40-50 paise per litre in diesel rates but they reportedly deferred the decision to save the government from trouble in Parliament.
When oil firms had last hiked petrol price on March 2, the Opposition parties had disrupted one full day’s proceedings.
The cut in petrol price follows two rounds of hikes since February. Petrol price was hiked by Rs. 1.50 per litre on February 16 and then by Rs. 1.40 per litre on March 2. Both the hikes were excluding local VAT.