Petrol price has been cut by 50 paise and diesel by 46 paise a litre. The new Price came into effect midnight last night. Indian Oil Corporation said, petrol will now cost 59 rupees 98 paise a litre, while diesel will cost 46 rupees 9 paise a litre in Delhi.<br/><br/>This is the second cut in prices of petrol and diesel this month. Oil firms had last cut petrol price by 58 paise per litre and diesel by<br/>25 paise on 1st of this month.