Petrol prices on Thursday were cut by Rs 1.12 per litre while diesel prices were reduced by Rs 1.24 per litre. The prices were revised in accordance with reduced international crude oil prices and the prevailing exchange rate. The new prices will be effective from Thursday midnight.

On June 1, the Centre had increased the price of petrol by Rs 1.23 per litre and reduced the price of diesel by Rs 0.89 per litre.

Fuel dealers, on June 14, said they were postponing their “no-purchase, no-sale strike” against the Centre’s decision to introduce daily price revisions for petrol and diesel. The Bharatiya Janata Party-led government’s daily pricing system is scheduled to come into force on Friday, June 16.

Union Oil Minister Dharmendra Pradhan had said the daily pricing system would be incorporated as scheduled. “There were some concerns of dealer associations with regards to the daily pricing mechanism,” Pradhan had said. “It was decided that the price of petrol and diesel will be revised from 6 am every morning.” The earlier plan was to have the prices revised at midnight, The Hindu had reported.