Petrol price has been cut by 50 paise per litre. The new rate came into effect midnight last night. Petrol will now cost 60 rupees 70 paise a litre in Delhi, 66 rupees 11 paise in Kolkata, 67 rupees 77 paise in Mumbai and 61 rupees and two paise in Chennai. Indian Oil Corporation said that the petrol price has been cut in view of the fall in international crude price. However, there is no change in diesel rate.