Petrol will cost Rs 59.98  in Delhi as against Rs 60.48 per litre currently.

Similarly, a litre of diesel will cost Rs 46.09 as compared to Rs 46.55 now, said Indian Oil Corp (IOC), the nation's biggest fuel retailer said.

Acting as a counter-balance was the rupee that fell to Rs 66.99 to a US dollar yesterday as against average of Rs 66.21 of second half of November for the previous cut.

Excise duty was last raised on November 7; on petrol, by Rs 1.60 per litre and on diesel by 40 paise.

In the previous four hikes between November 2014 and January 2015, totalling Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel, it had mopped up about Rs 20,000 crore in additional revenue to meet fiscal deficit targets.

Today's cut in prices is the second this month. Oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on December 1.

Latest News  from Business News Desk