Petrol prices have been cut by 31 paise per litre and diesel by 71 paise including VAT. The new rates have come into effect from midnight. Now, petrol will cost Rs 66.62 per litre in Delhi, Rs 74.09 in Kolkata, Rs 74.52 in Mumbai and Rs 69.84 per litre in Chennai. On the other hand, diesel will cost Rs 50.22 in Delhi, Rs 54.75 in Kolkata, Rs 57.64 in Mumbai and Rs 53.52 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.