New Delhi: For the third time in two months, state-owned oil firms on May 15 slashed prices of petrol and diesel by over a Rupee per litre, in step with the global softening of crude prices.

The new prices would be effective from midnight May 15, sources said.

Petrol would cost Rs 30.40 per litre in Delhi as against the prevailing Rs 31.50 a litre, while diesel price has gone down from Rs 20.13 to Rs 19.18 per litre, official sources said.

After over three months of surge in prices, the oil firms had on April 15 and 26 announced a Re 1 per litre cut each in petrol and diesel prices.

In Mumbai, the price of petrol has come down to Rs 35.24 per litre from Rs 36.43 per litre, a reduction of Rs 1.19.

In the case of diesel, the new price is Rs 24.37, from Rs 25.50 per litre earlier, a decline of Rs 1.13.

PTI