Petrol price was Thursday lowered by Rs.1.09 per litre, the second reduction in three-and-half-months, while diesel rates were hiked by 50 paise a litre.
The revisions will be effective midnight Thursday, Indian Oil Corp said.
"During the past fortnight, petrol prices have shown a downward trend while the INR-USD exchange rate has slightly depreciated," IOC said in a release.
Allowing for local taxes, petrol per litre will cost Rs.72.51 in Delhi, Rs.80.30 in Kolkata, Rs.80.60 in Mumbai and Rs.75.78 in Chennai.