For the first time in the history of India, state-run oil firms on Saturday passed on the benefit of the appreciating rupee value to consumers by way of a 10 paise per litre cut in petrol and diesel prices.

Petrol will cost Rs 30.30 per litre in Delhi as against the prevailing Rs 30.40 a litre, while diesel prices had gone down from Rs 19.18 to Rs 19.08 per litre, official sources said.

In Mumbai, petrol will cost Rs 35.14 per litre, down from Rs 35.25. Diesel in Mumbai will cost Rs 24.26 per litre down from the earlier Rs 24.38.

The new prices would be effective from Saturday midnight.

PETROL:

DIESEL:

Oil firms have since April slashed prices of petrol and diesel by about Rs 3.50 per litre in three instalments, in step with global softening of crude prices.

After over three months of surge in prices, the oil firms had on April 15 and 26 and then on May 15 announced a Re 1 per litre cut each in petrol and diesel prices.

The Indian basket of crude, comprising Oman/Dubai crude oil and Brent in 58:42 ratio, has averaged $25.61 a barrel since the last price revision on May 15, which took into account the average price of $23.63 per barrel.

Naik said international crude prices are on a decline since the war in Iraq started, ending the uncertainty. The Indian basket of crude which had averaged $28.80 a barrel in March, slumped to $24.21 a barrel in April.

With crude prices ruling at $29.81 a barrel in January-March, the oil companies had increased petrol and diesel prices by around Rs 5 per litre each.

The average procurement cost of the Indian basket of crude was $24.33 in the second fortnight of April which further slipped to $23.63 in the first half of this month, necessitating the price cut.