Petrol prices were cut today by 49 paise per litre while diesel prices were slashed Rs 1.21 a litre on softening international oil rates. This comes after two consecutive hikes in petrol prices.

According to Indian Oil Corp, the petrol prices in Delhi will be Rs 60 per litre from tomorrow while the price of diesel will be 48.50 per litre.

In a statement IOC said that since the last price change "the international prices of both petrol and diesel have declined. The Rupee-US Dollar exchange rate has, however, depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel."

The petrol price had been cut on ten occasions since August last year and six times since October, last year before the increases.

Petrol prices were cut by Rs17.11 per litre since August and diesel by Rs 12.96 per litre since its deregulation in October, cumulatively.

When the rates were raised on 16th February, the trend was reversed.

The fuel price would have been lesser but for the four excise duty hikes since November last year.

"The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," the IOC said in the statement.