State-run Indian Oil Corp (IOC) substantially reduced prices of transport fuels effective from Saturday, of petrol by Rs 3.77 a litre and of diesel by Rs 2.91, both at Delhi, with corresponding cuts in other states following the recent decline in global crude rates.

"The current level of international product prices of petrol and diesel and INR-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said in a release here.

Indian oil marketing firms revise prices fortnightly and rates were last revised more than two months ago on January 16, with hikes on petrol by 42 paise a litre, and on diesel by Rs 1.03, both in Delhi and with corresponding increases in other states.
Petrol per litre now costs Rs 66.29 in Delhi, Rs 68.97 in Kolkata, Rs 72.66 in Mumbai and Rs 69.28 in Chennai.
Similarly, diesel costs Rs 55.61 in Delhi, Rs 57.86 in Kolkata, Rs 61.27 in Mumbai and Rs 58.82 in Chennai.
The Indian basket of crude oils, comprising 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on Thursday at $51.36 for a barrel of 159 litres.