Petrol price has been reduced by Rs. 1.27 a litre and diesel by Rs.1. 17 per litre.The new rates came into effect midnight last night.Petrol will now cost Rs. 63.20 a litre in Delhi, Rs. 68.10 in Kolkata, Rs. 68.24 in Mumbai and Rs. 63.49 in Chennai.Diesel will now cost Rs. 44.95 a litre in Delhi, Rs. 48.66 in Kolkata, Rs. 50.4 paise in Mumbai and Rs. 46.8 a litre in Chennai.This is the second reduction in rates this month following easing of global crude prices. Rates were last cut on August 1 when petrol price was reduced by Rs. 2.43 per litre and diesel by Rs. 3.60 a litre.