Petrol price has been cut by 49 paise and diesel by Rs. 1.21 per litre including VAT.The new rates came into effect midnight last night.Now petrol will cost Rs. 60 per litre in Delhi, Rs. 67.48 in Kolkata, Rs. 67.53 in Mumbai and Rs. 62.75 in Chennai a litre.For diesel, consumer will have to pay Rs. 48.50 in Delhi, Rs. 53.23 in Kolkata, Rs. 55.69 paise in Mumbai and Rs. 51.61 in Chennai per litre.On the other hand, the Oil Marketing Company has hiked the price of non-subsidized domestic cooking gas by Rs. 11 to Rs. 621 per 14.2-kg cylinder in Delhi.