NEW DELHI: Petrol price was on Friday cut by Rs 1.27 per litre and diesel by Rs 1.17 a litre, the second reduction in rates this month following global cues.

The revised prices will take effect from midnight tonight, Indian Oil said on its website.

Petrol in Delhi will now cost Rs 63.20 per litre from Saturday instead of Rs 64.47 a litre at present, while a litre of diesel will cost Rs 44.95 as against Rs 46.12 currently.

There were straight three cuts in fuel prices in the last month.

Petrol and diesel rates were last revised on July 31, when the price of petrol price was lowered by Rs 2.43 per litre while that of diesel was reduced by Rs 3.60 per litre.

Petrol and diesel prices are reviewed every fortnight by oil marketing companies and revised in accordance with international oil rates.

"The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," IOC said.

(Input from PTI)