Falling prices of crude oil have driven down the cost of products, prompting oil marketing companies to contemplate reducing the prices.
This will be the sixth consecutive price cut for petrol since August.
Diesel prices will be cut for the first time since these were decontrolled on October 18, leading to a drop of Rs 3.27 a litre.
Petrol is currently Rs 66.65 a litre in Delhi and Rs 74.46
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