The reduction will be effective from midnight tonight, Indian Oil Corp (IOC) said.
After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available Rs 47.20/litre.
Prices of petrol and diesel were last revised downwards with effect from April 2 by Rs 0.49/litre and Rs 1.21/litre respectively.
"Since last price change, the trend of international prices of petrol & diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to consumers with this price decrease," IOC said.
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