Petrol price was slashed by Re. 0. 95 per litre on Thursday due to fall in international oil prices.
The new price will come to effect from midnight.
Following the revision, petrol in Delhi costs Rs. 67.24 per litre as against Rs. 68.19 previously.
"It has been decided to revise the MS prices downward by Rs. 0.95 per litre (excluding State levies) w.e.f 16th Nov12," said a statement issued by state-owned largest oil and gas enterprise IndianOil Corporation Ltd.
"Presently, the international oil prices are relatively stable. However, there has been significant volatility in the INR-USD exchange rate and is currently very weak with uncertainty about its future direction. The trends in the international oil market and INR-USD exchange rate are being closely monitored and the same shall be reflected in future price changes," it said.
"It may be noted that Oil Marketing Companies are bearing the burden of a loss of over Rs 2000 crore approximately on sale of MS during April-September12 due to inability to change retail selling prices to the desired extent in line with market conditions," said IndianOil.
"As is known, in addition to loss on sale of MS, OMCs are also suffering under-recovery on sale of three sensitive petroleum products, namely HSD (Rs.9.84/litre), SKO(PDS) (Rs.31.30/litre) & LPG (Dom) (Rs.478.50/cyl). Projected under-recovery on these products is expected to cross Rs.160000 crore for the current year," it said.
Petrol price in Mumbai has been cut by Rs. 1.20 per litre to Rs 73.53.
In Chennai, petrol price has been reduced by Rs. 1.20 per litre and will cost Rs. 70.57.
It has been reduced by Rs. 1.19 per litre in Kolkata to Rs. 74.55.
IndianOil on Oct 9 had cut petrol prices by Re 0.56 per litre.
Petrol price later in the month was again raised by Re. 0.29 per litre after the government approved an increase in the commission of petrol pump dealers.