As part of the fortnightly price revision by oil marketing companies, the retail price of petrol was cut marginally by Rs 0.50 a litre on Saturday, effective midnight.
"The current level of international product prices and INR-USD exchange rate warrant a price decrease, which is being passed on to consumers with this price revision," Indian Oil Corp said in a statement here.
From Sunday, the price of petrol per litre will be Rs.60.70 in Delhi, Rs.66.00 in Kolkata, Rs.67.75 in Mumbai and Rs.60.96 in Chennai.
In the previous fuel revision this month retail diesel was hiked Rs.0.95 a litre in Delhi, with corresponding increase in other states.
The Indian basket of crude oils traded on Thursday at $45.90 for a barrel of nearly 160 litres.
