Petrol price cut by Rs 2.42/L, diesel Rs 2.25/L 

Petrol price was cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.

This is the ninth straight reduction in petrol prices since August, and fifth in diesel since October. New rates will be effective midnight tonight, Indian Oil Corp, the nation's largest fuel retailer, announced. In Delhi, petrol will cost Rs 58.91 a litre, the lowest in 44 months, as compared to Rs 61.33 a litre now. Similarly, diesel will cost Rs 48.26 a litre in Delhi, the lowest since April 2013, as against Rs 50.51 currently. Including today's reduction, petrol price have been cut by Rs 14.69 per litre on a cumulative basis