gas station
gas stationReuters

Petrol prices will be reduced by 1.4 percent from midnight on Thursday as global prices remained less volatile, Indian Oil Corp. has said.

In New Delhi, petrol will cost Rs 67.24, down by 95 paise per liter, from Rs 68.19 a litre.

Petrol price in Mumbai will be down by Rs 1.20 per litre to Rs 73.53 while it will cost Rs 70.57 a litre in Chennai. In Kolkata, the price has been cut by Rs 1.19 to Rs 74.55 per litre.

"The trends in the international oil market and rupee-dollar exchange rate are being closely monitored and the same shall be reflected in future price changes," IOC said in the statement, Reuters reported.

Petrol prices were last revised on October 29.

The other two state-run fuel retailers -- Bharat Petroleum Corp and Hindustan Petroleum Corp -- are also expected to cut the rates as they normally revise the prices together.