The government decision to slash prices came in the wake of cheap price of crude in the global market.
The government had last cut petrol prices and diesel prices by Rs 5 per liter and Rs 2 per liter respectively in December.
Crude oil had climbed to a record high of $147 a barrel in July, but has since come to $40 a barrel level.
On Tuesday, Congress president Sonia Gandhi said, "The prices of petroleum products have decreased recently and I expect that soon they will dip further."&13;&13;
OneIndia News (With inputs from Agencies)