Petrol price has been cut by 50 paise per litre. The new rate will come into effect from midnight tonight. However, there is no change in diesel rate.Now, petrol will cost Rs. 60.70 paise a litre in Delhi, Rs. 66.11 in Kolkata, Rs. 67.77 in Mumbai and Rs. 61. 02 paise in Chennai.This is first change in petrol price since 1st of September when it was cut by Rs. 2 per litre and subsequent fortnight did not see any rate change in petrol.Indian Oil Corporation in a statement said that the petrol price has been cut in view of the fall in international price of the product.