Price of petrol has been cut by 2 rupees 43 paise a litre and that of diesel by 3 rupees 60 paise per litre, excluding local taxes. The reduced prices came into effect from midnight Friday night.According to new rates Petrol in Delhi will now cost 64 rupees 47 paise per litre, while diesel will cost 46 rupees 12 paise per litre.In Mumbai new rate of petrol is 69 rupees 51 paise per litre and diesel 51 rupees 29 paise.In Kolkata, petrol will cost 69 rupees 15 paise a litre, diesel will cost 49 rupees 66 paise a litre.Similarly in Chennai petrol will cost 64 rupees 77 paise per litre and diesel will be 47 rupees 30 paise per litre.State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and rupee-dollar exchange rate in the previous fortnight.Even, price of non-subsidised LPG, cooking fuel, was cut by 23 rupees 50 paise per 14.2-kg cylinder, in synchronization with international rates. The non-subsidised LPG in Delhi will now cost 585 rupees per cylinder as compared to 608 rupees 50 paise earlier. Non-subsidised LPG is one that consumers buy after exhausting their quota of 12 cylinders of 14.2-kg each at subsidised rates in a year.