Petrol price was on Monday cut by 56 paise per litre on the back of appreciation in rupee value against the US dollar.
Petrol will cost Rs 67.90 per litre at Indian Oil Corp's petrol pumps in Delhi from midnight Tuesday as against Rs 68.46 a litre presently, the company announced today.
Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL), the other two state fuel retailers, are expected to follow suit in cutting rates but prices at their pumps will vary by one or two paise.
"It has been decided to revise the petrol prices downward by Rs 0.56 per litre (excluding state levies in Delhi) with effect from October 9," IOC said in a press statement.
In Chennai, it will cost Rs 71.48 per litre as against Rs 72.19 presently.
The government had in June 2010 deregulated petrol pricing, giving oil companies freedom to fix rates in line with cost.
Petrol price were last revised on June 24 when they were hiked by 70 paise.