Petrol pump
A sharp cut in petrol price can provide a booster dose to India's slowing economy.Reuters

Prices of petrol and diesel have been slashed by Rs. 0.74 and Rs 1.30 per litre, respectively, on Friday. The fuels will be sold at the reduced rates starting midnight April 15. 

Prices of petrol were increased twice in the last two months -- Rs. 3.07 per litre on March 17 and Rs. 2.19 a litre on April 4, Press Trust of India reported. Price of diesel has been increased four times in the past.

Starting Saturday, petrol will be sold at a cost of cost Rs. 61.13 per litre, while diesel will cost Rs. 48.01, Indian Oil Corporation (IOC) said.  

"The current level of international product prices of petrol and diesel and Indian Rupee-US Dollar exchange rate warrant decrease in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," IOC said.

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