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Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35, according to a price notification issued by state-owned oil firms.
Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25.
Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.
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Petrol price was yesterday cut by 7 paise a litre and diesel by 5 paise. On Wednesday rates were cut by 1 paisa each.
These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29.
In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.