New Delhi / Agartala, May 16 (TIWN): State-run Indian Oil Corp (IOC) has reduced price of petrol by Rs 2.16 per litre and that of diesel by Rs 2.10 a litre excluding state levies.

According to IOC, the current level of international prices of petrol, diesel and the Indian rupee-US dollar exchange rate warranted a decrease in selling price.

"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 IOC said in a statement late on Monday.