Oil marketing companies have slashed petrol prices by Rs 50 paise a litre and simultaneously, have brought down diesel prices also by 46 paise. Similarly, a litre of diesel will cost Rs 46.09 as compared to Rs 46.55 now, said Indian Oil Corp (IOC), the nation’s biggest fuel retailer said.

Tuesday’s cut in prices is the second this month. Oil firms had last cut petrol price by 58 paise per litre and diesel by 25 paise on December 1. “The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision,” IOC said in a statement.

The Indian basket of crude oils, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, plunged to $34.39 on Monday for a barrel of nearly 160 litres, as per data compiled by the state-run Petroleum Planning and Analysis Cell.