Oil marketing companies have slashed petrol price by 2 rupees, 42 paise per litre and diesel by 2 rupees, 25 paise a litre. The new rates will be effective from midnight tonight. This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October.

Petrol will now cost 58 rupees 91 paise a litre in Delhi, which is the lowest in 44 months. Diesel will cost 48 rupees 26 paise a litre in Delhi. The price cut came following steep fall in global crude oil prices. Crude oil prices have come down from 115 dollars in June to 46 US Dollars per barrel.