The new prices came into effect from midnight.
Prime Minister Narendra Modi on Thursday held a meeting with his ministers over rising prices of petrol and diesel in the country.
Finally, after an unhindered rally of fuel prices, the government has announced a tax-cut to compensate for the increase in crude prices.
Finance Minister Arun Jaitley has announced that effective immediately, prices of petrol and diesel will be slashed by Rs 2.5, pan India.
Jaitley said it will be a test for those states whose leaders were only tweeting and indulging in lip sympathy.
All four states are BJP ruled.
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"The central government has made another decision in interest of the people so that they can get relief".
Following the Centre's announcement, BJP-ruled Maharashtra and Gujarat - which are among the highest taxing state, announced Rs 2.50 per litre reduction in the Value-Added Tax. Kerala Finance Minister Thomas Isaac also announced that the government will not reduce prices at the state level.
In Mumbai, petrol is up 18 paise and is now being retailed at Rs 87.15 per litre.
The move reversed a 2014 decision to scrap regulated fuel prices, a regime that was blamed for deterring state oil marketing firms from expanding and for choking off investment in domestic oil fields by India's biggest oil producer. Of this, IOC's share would be roughly half and the rest split equally between HPCL and BPCL.
Globally, crude futures steadied on Friday after climbing to four-year highs earlier this week, and both Brent and United States crude marked weekly gains ahead of U.S. sanctions on Iranian oil exports.
Any shift back to fuel price controls was also expected to hit private fuel marketers, such as Nayara Energy, which is owned by Russian oil giant Rosneft, and Mukesh Ambani-led Reliance Industries. However, in Mumbai, the diesel have gone up by 7 paise only. So, a total of Rs.2.50 will be reduced on both diesel and petrol.
The year 2015-16 and 2016-17 was the best in terms of revenue generation from oil for the central government. Jaitley expressed confidence in maintaining the fiscal deficit target for the current financial year despite the reductions. Absorbing this Rs 10,500 crore in increased collection and maintaining fiscal deficit I am confident we will be able to do that.