Petrol prices have been cut by 31 paise per litre and diesel by 71 paise including VAT. The new rates will come into effect from midnight tonight. Now, petrol will cost 66 rupees and 62 paise per litre in Delhi, 74 rupees and 09 paise in Kolkata, 74 rupees and 52 paise in Mumbai and 69 rupees and 84 paise per litre in Chennai. On the other hand, diesel will cost 50 rupees and 22 paise in Delhi, 54 rupees and 75 paise in Kolkata, 57 rupees and 64 paise in Mumbai and 53 rupees and 52 paise in Chennai. In a statement, Indian Oil Corporation said, the prices have been revised in view of the downward trend of prices of diesel and petrol in the international market.