Petrol and diesel prices have been slashed across the country by Rs 2.42 per litre and Rs 2.25 a litre respectively.
The revised prices will come into effect from February 3 midnight.
Petrol in New Delhi will now cost Rs 56.49 a litre, while diesel will cost Rs 46.01 per litre.
The state-run Indian Oil Corporation (IOC) has stated that the latest reduction in fuel prices was done due to the lowering of crude prices globally and the appreciation in rupee-dollar exchange rate.
This is the third time this year that the prices of both petrol and diesel have been reduced.