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As an interim measure, the Government has decided to cut the prices with effect from midnight tonight, Petroleum Minister Murli Deora said.
There is no change in the prices of LPG (cooking gas) and kerosene.
The Government had in June raised the prices of petrol and diesel by Rs 5 and Rs 3 a litre, respectively and that of LPG by Rs 50 a cylinder to protect oil marketing firms against losses on account of a rally in crude prices.
Crude oil had subsequently climbed to a record high of USD 147 a barrel in July, but has since come to USD 43.5 a barrel.
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