MUMBAI: India’s state-run oil marketing firms have cut retail prices for petrol by 49 paise and diesel by Rs 1.21 for every litre, citing lower global oil prices.The new rates would be effective from April 2. Prior to this, the oil marketing companies had announced a significant increase of Rs 3.18 per litre on petrol and Rs 3.09 on diesel, which was effective from March 1, responding to the rise in global oil prices then."Prices of petrol and diesel were last revised on March 1. Since then, the international prices of both petrol and diesel have declined. The INR-USD exchange rate has however depreciated. The impact of both these factors warrants decrease in retail selling prices of both petrol and diesel," Indian Oil Corporation, India’s largest fuel retailer said in a statement.With the price cut, petrol in Delhi will be Rs 60 a litre while diesel would cost Rs 48.50 litre.The oil marketing companies increased the retail prices for the fuel twice in February but before that, the price of petrol had been reduced ten times since August 2014 while that of diesel was cut six times since October 2014.The price of fuel sold at retail pumps are aligned with the international rates and change every fortnight. The exchange rate plays a major role in determining retail prices of fuels since India imports 80% of crude oil it processes and pays in US dollar."The movement of prices in 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," IOC said