Petrol price has been cut by 89 paise a litre and diesel by 49 paise a litre. The new rates came into effect midnight last night. Petrol will now cost 64 rupees 76 paise a litre in Delhi, while diesel will cost 54 rupees 70 paise per litre. Indian Oil Corporation said, the current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant decrease in selling price of petrol and diesel.