With International Brent Crude oil prices falling sharply and hovering around $85-$87 per barrel mark, prices of petrol and diesel are set to be cut by Rs 2.5 from midnight today.

This would be the sixth consecutive cut in the petrol prices. It would also mark the first cut in diesel prices since diesel prices were deregulated earlier this month.

International crude prices have fallen sharply from $115 per barrel in June and were trading at $87 on Wednesday.

The reduction in rates will pull the diesel prices close to the rates about a year back and the petrol prices will be at a 16 month low.