Petrol price has been cut by 70 paise per litre excluding VAT. The new rates will come into force from midnight tonight.Now, for the petrol, consumer will have to pay 71 rupees and 41 paise a litre in Delhi, 79 rupees and 25 paise in Kolkata, 80 rupees in Mumbai and 74 rupees and 60 paise in Chennai.In a statement, Indian Oil Corporation said, the price of petrol has been reduced on account of softening of prices of crude oil in international market and strengthening of rupees.