It is indeed good time for two-wheeler enthusiasts. After the deep discounts, come the not-so-bad cut in petrol and diesel prices

It is good time for bike enthusiasts.

They got to buy two-wheelers at a never-before discounted rate on Friday after the Supreme Sourt ban on BS-III vehicles and then the oil marketing companies cut the petrol and diesel prices from midnight.

The price of petrol is cut by Rs 3.77 per litre and that of diesel by Rs 2.91 a litre, the first change in rates in two-and-a-half months.

State-owned oil firms cut rates with effect from midnight Friday. Petrol currently costs Rs 71.14 a litre in Delhi and Diesel is priced at Rs 59.02 per litre.

Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corp (IOC). Actual decrease will be larger after taking into account the local levies.

Similarly, diesel rate was cut by Rs 2.91, excluding state levies.

Rates were last revised on January 16 when price of petrol went up by 54 paise. On that date, diesel rates were hiked by Rs 1.20 a litre.

"The current level of international product prices of petrol and diesel and INR-USD 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 statement.

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

The prices of diesel and petrol, however, are may go up if the international prices move in that direction. But for now, you can indeed get on to your new bike just ride on.

With inputs from PTI