With international crude oil rates slipping towards $60 a barrel, state-run oil marketeers Monday cut petrol and diesel rates further each by Rs.2 a litre in Delhi, effective midnight.

 

 

 Allowing for local levies, the prices of  transport fuels will decrease correspondingly in other states, Indian Oil Corp said in a statement here.

 

 "The prices of petrol and diesel were last revised downwards w.e.f. 1st December'14 by Rs. 0.91/ litre and Rs. 0.84/ litre respectively (including state levies at Delhi) on the back of declining international oil prices," it added. 

 

 In October, the government deregulated diesel prices by linking the fuel cost to market-based pricing.

 

 The price of the Indian basket crude oil on the last trading day Friday was $60.58 per barrel. A barrel is equal to 159 litres.