The Petrol price has been cut by 1.15 rupees per litre and diesel rate hiked by 50 paise a litre excluding VAT. The new rates will come into force from midnight tonight.

Now, people will have to pay 71 rupees and 2 paise a litre in Delhi, 78 rupees and 7 paise in Kolkata, 78 rupees and 4 paise in Mumbai and 74 rupees and 22 paise in Chennai.

While, for Diesel the consumer will have to pay 53 rupees and 10 paise per litre in Delhi, 57 rupees and 49 paise in Kolkata, 60 rupees and 8 paise in Mumbai and 56 rupees and 61 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.

On the other hand, diesel price was increased in view of government's earlier order authorizing Oil marketing companies to increase the retail selling price of diesel within a small range every month until losses on the fuel are wiped out.