With international crude rates slid below $ 55 a barrel, the state oil sellers had a gift of New Year's Day a cut petrol and diesel rates by Rs.2 one liter, excluding local taxes.

Taking into account local, gasoline taxes per liter from Thursday Rs.61.33 costs in Delhi, Rs.68.86 in Mumbai, Kolkata and Rs.63.94 Rs.68.65 in Chennai.

The new prices per liter of diesel is Rs.50.51 in Delhi, Rs.57.91 in Mumbai, Kolkata and Rs.53.78 Rs.55.00 in Chennai.

Prices of gasoline and diesel were last cut each Rs.2 per liter on December 15 and before December 1 by 91 paise and 84 paise respectively.

Prices have also been cut for non-subsidized LPG cylinder, a consumer can purchase at market prices after having exhausted the quota of 12 cylinder of cooking gas by Rs.43.50 in Delhi.

The price of the new year is Rs.708.50 14.2 kg cylinder in Delhi, Rs.725.50 in Mumbai, Kolkata Rs.746 and Rs.705 in Chennai.

Previously, to compensate for the drop in taxes due to the sustained decline in international oil prices, the government raised excise duties by Rs.1.50 one liter fuel both first in November 12. Subsequently, on December 2, the gasoline tax was stepped by Rs.2.25 per liter and diesel by Re.1 one liter.

Although consumers have been spared the impact of increased excise taxes, current cuts that the government has responded to critics that the increase in excise duty was preventing the benefit of falling oil prices passed on to consumers .

In October, the government deregulated diesel prices by linking the cost of fuel at market prices.

The basket price of crude India in the last trading day Wednesday fell to $ 53.53 a barrel. A barrel equals 159 liters.