After the price cuts, petrol price is the lowest since September 2010 while diesel is cheapest since March 2013.

Days before the Delhi Assembly elections, petrol and diesel prices were slashed by Rs. 2.42 and Rs.2.25 a litre on Tuesday — the second cut in less than three weeks.

On the back of declining international prices, oil companies on Tuesday revised the price of petrol to Rs. 56.49 a litre and diesel to Rs.46.01 a litre in Delhi with effect from midnight on Tuesday. The prices were last revised downwards on January 17. Since then, while global oil prices have declined, the INR-USD exchange rate had appreciated.

“The combined impact of these factors warrant a decrease in retail selling prices of both petrol and diesel,” Indian Oil spokesperson Amresh Kapoor said. “The movement of prices in the international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes,” he said.

Tuesday’s price cuts — 10th in a row for petrol since August and sixth for diesel since October — have pushed petrol prices to their lowest since September 2010 and diesel prices to their lowest since March 2013.