Petrol and diesel prices were on Monday slashed by Rs 2 per litre each as international oil prices slumped to a five-year low.

This is the eighth straight reduction in petrol prices since August, and the fourth straight in diesel since October. New rates will be effective midnight tonight, Indian Oil Corp, the country's largest fuel retailer, announced here.

In Delhi, petrol will cost Rs 61.33 a litre, the lowest in 44 months, as compared to current price of Rs 63.33. The price has been cut by Rs 2.09 a litre in Mumbai to Rs 68.86.

Rates differ from state to state because of varied rates of local sales tax or VAT.

Diesel will cost Rs 50.51 a litre in Delhi, the lowest since July 2013, as against Rs 52.51 currently. In Mumbai, it will cost Rs 57.91 per litre as compared to Rs 60.11.

The prices of petrol and diesel were last revised downwards on December 1 by 91 paisa per litre and 84 paisa per litre respectively (including state levies at Delhi) on the back of declining international oil prices.

After Monday's reduction, petrol price has been cut by a cumulative Rs 12.27 per litre since August.



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