New Delhi: With the Indian basket of crude oils going below $35 a barrel, state-run Indian Oil Corp (IOC) on Tuesday announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective midnight.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision," it said in a release announcing the fortnightly revision in prices made by oil marketing firms.