In a big boon announced by Indian Oil Corporation on late Monday evening, petrol and diesel prices were slashed down by more than Rs 2.

The price cut down will come into immediate effect after May 15 midnight.

Petrol has been slashed by Rs 2.16 per litre while the diesel has seen a price cut down of Rs 2.10 per litre.

The statement released by the largest oil retailer of India said, “The current level of international product prices of petrol & diesel and INR-USD dollar exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision.”

“The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the statement further read.

Earlier in April, the Oil Ministry announced the plans to start delivering petroleum products at the door steps of consumers.

The ministry also said that soon it will be introducing the daily price revision of petrol and diesel in five cities, and will expand this across the nation later.