In a development that could bring respite to consumers, petrol and diesel prices are likely to be cut on fall in brent crude oil prices which are hovering around US $72 a barrel, near their four-year lows.

Both petrol and diesel prices have been deregulated in the country, leaving their movement to be market determined.

According to a report in The Hindustan Times, petrol prices are likely to fall below Rs 60 a litre from around Rs 65 presently (in Delhi), said the chairman of a leading oil company.

The Organization of the Petroleum Exporting Countries (OPEC) decided against cutting oil production to support prices on Thursday, leading to a fall in oil prices.

Oil prices are headed for their steepest monthly decline since November 2008, after falling more than 15 per cent in November this year.

While petrol is being sold in Delhi at Rs 64.24 per litre, in Mumbai , the fuel sells at Rs 71.91 per litre.