Petrol price has been slashed by 74 paise and diesel by one rupee 30 paise a litre including VAT. The new rate came into effect midnight last night. With this now, petrol will cost 61 rupees 13 paise in Delhi, 64 rupees 90 paise in Kolkata, 65 rupees 63 paise in Mumbai and 60 rupees 58 paise in Chennai. For diesel, the consumer will have to pay 48 rupees 1 paise per litre in Delhi, 50 rupees 48 paise in Kolkata, 53 rupees 49 paise in Mumbai and 48 rupees 76 paise in Chennai. <br/>In a statement, Indian Oil Corporation said, the international prices of petrol and diesel and rupee- dollar exchange rate warrant a decrease in petrol and diesel prices. <br/><br/>