Mumbai, Nov 15 : In response to global prices and currency fluctuations, the three state-owned oil marketing companies (OMCs) have decided to lower the prices of petrol and diesel from midnight Tuesday.

According to the Indian Oil Corporation (IOC), retail petrol price will be decreased by Rs 1.46 per litre and diesel would become cheaper by Rs 1.53 per litre, excluding state levies.

\"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.

\"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 new prices of non-branded petrol in metros like New Delhi would come to Rs 65.93 per litre, Kolkata Rs 68.67, Mumbai Rs 72.29 and Chennai Rs 65.41.

The revised prices of non-branded diesel in New Delhi would come to Rs 54.71 per litre, Kolkata Rs 56.95, Mumbai Rs 60.32 and Chennai Rs 56.24.

On November 5, 2016, the three OMCs decided to raise the price of petrol and diesel by Re 0.89 per litre and Re 0.86 per litre (excluding state levies).

Petrol and diesel to become cheaper