NEW DELHI: Petrol and diesel prices fell again as the rout in the global oil market triggered the tenth cut in fuel rates since August, pleasing consumers including voters in Delhi, who are seeing a high-decibel duel between the BJP’s Kiran Bedi and the Aam Aadmi Party’s Arvind Kejriwal.Prices fell ironically at a time when global crude oil prices climbed 15 per cent since Thursday to trade close to $57 per barrel after remaining below $50 for many days. Prices rose as global oil majors such as BP and Chevron have announced cuts in capital expenditure. However, state oil firms align local rates with the average global fuel prices in the past fortnight.The exchange rate is also a factor in determining the landed oil price in the country that imports about 80 per cent of the oil it consumes.“International prices of both petrol and diesel have continued to be on a downtrend and the INR-USD exchange rate has appreciated. The combined impact of both these factors warrant a decrease in retail selling prices of both petrol and diesel,” the country’s top fuel retailer Indian Oil Corporation said in a statement. Petrol prices fell for the tenth time since August, dropping Rs 2.42 to Rs 58.91 per litre in Delhi, while diesel fell by Rs 2.21 to Rs 46.01. Retail prices of auto fuels were last cut on January 17 by the same margin. The new rates would be effective from Tuesday midnight.Oil prices have soared since the end of last week, triggering speculation that the fall in crude prices may have ended and this may be the trend of reversal.Global oil major BP, which partners Reliance Industries in India, said it will cut capital expenditure, which analysts say will help balance the oversupplied oil market in the future.BP chief executive Bob Dudley, tempered expectations of lower production, however, he said on Tuesday that he expected US oil output to rise until the summer of 2015 when it would flatten, according to a Reuters report. Oil cartel OPEC has refused to cut production despite the steep fall in oil since June.This is because it expects lower oil prices to make US shale output unviable. OPEC’s strategy would help it retain market share and be in a position to raise prices once US oil output falls.In the US, companies kept around 100 rigs idle, indicating some success in OPEC’s strategy, but some analysts feel the rebound may not be sustained as supplies are still higher than demand.