By Newsgram Staff Writer

In a relief to consumers, the oil companies have decided to cut the petrol prices by 49 paise per litre and diesel by Rs 1.21 a litre. The reduction which will be effective from midnight has been attributed to the softening international oil rates.

A statement issued by Indian Oil Corp said, " Prices of petrol in Delhi will be Rs 60 a litre as against current level of Rs 60.49, while diesel will cost Rs 48.50 per litre, as compared with Rs 49.71."

After the revised petrol rates are rolled out, it will cost cheapest in Delhi at Rs 60 per litre as compared to the other metro cities. In Kolkata the price will be Rs 67.48 (down 40 paise), Mumbaikars will have to shed Rs 67.53 per litre, and Chennai residents will have to spend Rs 62.75 (down 51paise) for a litre of fuel.

The fall in fuel prices follows two rounds of price hikes in February and March.

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," IOC said in a statement.