The government is likely to cut petrol and diesel prices by Rs 4 and Re 1 a litre, respectively, today.
The Cabinet Committee for Economic Affairs (CCEA) is expected to meet this evening to take this decision, given the cheap crude prices in the global market.
The government had last cut petrol prices on December by Rs 5, and diesel rates by Rs 2 a litre.
Crude oil had subsequently climbed to a record high of $147 a barrel in July, but has since come to $40 a barrel level.