Price of petrol was cut by Rs. 1 a litre, and diesel by Rs. 2 per litre. This is the fourth reduction in rates since July. The new prices came into effect midnight last night. Indian Oil Corp, IOC said, Petrol will now cost Rs. 60.09 a litre in Delhi as compared to Rs. 61.09 a litre currently. The price of diesel will cost Rs. 50.27 per litre as against Rs. 52.27.The price was last cut by Rs. 1.42 a litre in case of petrol and by Rs. 2.01 per litre for diesel on August 1. The IOC said, the current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant a decrease in selling price of petrol and diesel.