As the international oil prices tumbled to the lowest since early February, petrol price today was reduced by 18 paise per litre and diesel by 17 paise a litre,
This is the first cut in fuel prices in over a year. Prices were last reduced on March 16, 2020.
The international oil prices tumbled due to the second wave of COVID-19 infection clouded the prospects for a speedy recovery in consumption.
Prices had increased by a record Rs 21.58 per litre on petrol in the last one year and diesel prices had soared by Rs 19.18 a litre.
Prices had touched record highs including crossing Rs 100 mark in some places in Rajasthan, Maharashtra and Madhya Pradesh, last month.
But, since February-end when polls to West Bengal, Assam, Tamil Nadu and Kerala were announced, the prices had sunk.
In Mumbai, the petrol price was cut to Rs 97.40 a litre today from Rs 97.57 while diesel rates were reduced to Rs 88.42 from Rs 88.60, the price notification showed.
Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of state-owned fuel retailers.
Diesel now comes for Rs 81.30 a litre in the national capital, down from Rs 81.47 previously.