India's state-run oil marketing companies have reduced petrol and diesel prices for the second time in this month on the back of global cues, said the media report.

Petrol price has been cut by 80 paise per litre and diesel by Rs 1.30 a litre effective from April 16, 2015, added the media report.

Consequent to this, prices of petrol in Delhi will be Rs 59.20 a litre from today as against the current Rs 60, while diesel will cost Rs 47.20 per litre as against Rs 48.50, said Indian Oil Corp (IOC), the nation's largest oil company.

Prior to this, the oil marketing companies had cut price of petrol by 49 paise and diesel by Rs 1.21 for every litre from April 2.

"Since last price change, the trend of international prices of petrol and diesel and INR-USD exchange rate warrant a further downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," Indian Oil Corporation said in a statement.

State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.

"The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," IOC said.