New Delhi, April 1 (IANS): Oil retailers Wednesday lowered the prices of petrol by Rs.0.49 per litre and diesel by Rs.1.21 per litre following a fall in the prices of global crude oil.

With this change, the price of Petrol in the national capital will ease to Rs.60 per litre, while Diesel will cost Rs.48.50 per litre.

"Prices of petrol and diesel were last revised on March 1. Since then, the international prices of both Petrol and Diesel have declined," said the top refiner-cum-retailer Indian Oil Corp.

"The rupee-dollar exchange rate has, however, depreciated. But the impact of both these factors warrants a decrease in retail selling prices of both petrol and diesel," the company said, adding a close watch will be kept on global price movements.

On March 1, prices of petrol and diesel were raised by Rs.3.18 and Rs.3.09 a litre respectively (ex-Delhi), following a steep increase in global crude prices. Before that these two transport fuels were revised upwards on Feb 16 by less than a rupee per litre each.