(Image source from: Petrol price cut by Rs 2.41})

Petrol price cut by Rs 2.41 per litre, diesel cut by Rs 2.25 per litre with effect from midnight tonight.

The reduction in rates of petrol and diesel, which was deregulated for the first time in more than a decade, will be effective from midnight tonight, Indian Oil Corp, the nation's largest fuel retailer, announced.

Falling prices of crude oil prompted the oil marketing companies (OMCs) to contemplate reducing the prices.

Since August, petrol price has been cumulatively cut by Rs 9.36 per litre.

This is the sixth consecutive price cut since August this year.

Diesel prices have been reduced for the first time since these were decontrolled on October 18.

Prices vary from state to state because of differential rate of local sales tax or VAT.Diesel rates have been cut for the second time this month. The nation's most consumed fuel will now cost Rs 53.35 per litre in Delhi from tomorrow compared to Rs 55.60 a litre at present.

IOC said it was "closely monitoring" prices in international oil market and Rupee-USD exchange rate and developing trends of the market will be reflected in future price changes.

Aw: Arun kumar