The price of petrol has been cut by three rupees and five paise per litre and diesel hiked by 50 paise per litre, excluding VAT. The new rate will come into effect from midnight tonight. Now, for petrol consumers will have to pay 72 rupees and 40 paise per litre in Delhi, 79 rupees and 51 paise in Kolkata, 79 rupees and 49 paise in Mumbai and 75 rupees and 68 paise in Chennai.

Diesel will cost 52 rupees and 54 paise a litre in Delhi, 56 rupees and 90 paise in Kolkata, 59 rupees and 46 paise in Mumbai and 56 rupees and 1 paise in Chennai.

The oil firms have also raised the rates of non-subsidized domestic cooking gas (LPG) that households buy after exhausting their quota of 9 subsidised cylinders.

The revised rate in Delhi will be 1004 rupees per 14.2-kg cylinder. Where as it will cost 1035. 50 rupees in Kolkata, 1021 rupees in Mumbai and 998.50 rupees in Chennai.

In a statement, Indian Oil Corporation said that petrol prices have been decreased in view of reduction of prices of international crude oil and appreciation of rupee against the Dollar.