Petrol prices were on Wednesday cut by 80 paise a litre and diesel by Rs 1.30 per litre, the second reduction in rates this month on softening of international oil rates.

The reduction will be effective from the midnight of April 15 and 16, Indian Oil Corp (IOC) said.

After the cut, petrol will cost Rs 59.20 a litre in Delhi and diesel will be available at Rs 47.20/litre.

This marks the second reduction in fuel prices this month. Prices of petrol and diesel were last revised downwards on April 1 by Rs 0.49/litre and Rs 1.21/litre respectively.

"Since last price change, the trend of international prices of petrol and diesel and rupee-dollar exchange rate warrant a further downward revision in prices, the impact of which is being passed on to consumers with this price decrease," said Indian Oil, the country's largest fuel retailer.

Cumulatively, petrol prices have been cut by nearly Rs 18 per litre in 11 reductions since August and diesel by over Rs 14 a litre since its deregulation in October.

Fuel prices would have been lower further but for four consecutive excise duty hikes since November totalling Rs 7.75 a litre on petrol and Rs 7.50 on diesel.

Global oil prices have almost halved from above $115 a barrel last June due to ample supply and weak demand.

- Manohar