Prices of petrol was reduced by Re 1 per litre on Tuesday, and that of diesel by Rs 2 per litre, reported PTI. This is the fourth time that fuel prices have been cut since July. In a statement, Indian Oil Corporation said, "The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision."

In the Capital, a litre of petrol will now cost Rs 60.09, while the same quantity of diesel will be Rs 50.27. In August, the petrol prices were reduced by Rs 1.42 a litre, while the price was disel was made cheaper by Rs 2.01 a litre. The government-run company said it will continue to monitor the movement of fuel prices in international markets and change in exchange rates. They said trends will reflect in the future price changes in the sector. The IOC revises fuel prices on the 1st and 16th of every month.