The Indian Oil Corporation and oil marketing companies have cut petrol prices by 56 paise per litre effective from midnight last night. The Country's three state-run fuel retailers – IOC, Bharat Petroleum Corporation and Hindustan Petroleum Corporation tend to move their prices together. According to a statement, petrol in Delhi will now cost 67 rupees 90 paise per litre against the earlier price of 68 rupees 46 paise. While in Mumbai the price will be 74 rupees 43 paise, in Kolkata, it will be 75 rupees 44 paise a litre and in Chennai, petrol will cost 71 rupees 48 paise per litre. The reduction in petrol prices follows appreciation of the rupee value against the US dollar.