Oil marketing companies (OMC) cut price of petrol and diesel by 31 paise per litre and 71 paise per litre. With this change, petrol will cost Rs. 66.62 per litre and diesel will cost Rs. 50.22 per litre in Delhi. Earlier, OMC's raised prices of petrol and diesel on Jne 15.

Commenting on the price hike, Indian Oil Corporation (IOC) said, "Since last price change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has appreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease.''

''The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC said.

Shares of the company gained Rs 0.15, or 0.04%, to settle at Rs 384.60. The total volume of shares traded was 56,766 at the BSE (Tuesday).