Indian Oil on Friday revised petrol and diesel prices, cutting the cost of petrol by Rs 3.77 and diesel by Rs 2.91 in Delhi. There will be corresponding price drops in the other states. The prices were last revised on January 15, when the cost of petrol was hiked by 42 paise and that of diesel went up by s 1.03.

“The current level of international product prices of petrol and diesel and INR-US Dollar exchange rate warrant decrease in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” IOC said in a release.

Petrol will now costs Rs 66.29 per litre in Delhi and Rs 72.66 in Mumbai, IANS reported. Diesel will cost Rs 55.61 in Delhi and Rs 61.27 in Mumbai.