Petrol price was on Wednesday cut by 80 paise a litre and diesel by Rs 1.30 per litre, the second reduction in rates this month.
The reduction will be effective from midnight, Indian Oil Corp (IOC) said.
After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available Rs 47.20/litre.
Prices of petrol and diesel were last revised downwards with effect from April 2 by Rs 0.49/litre and Rs 1.21/litre respectively.
"Since last price change, the trend of international prices of petrol and diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to consumers with this price decrease," IOC said.