NEW DELHI: Price of petrol was today cut by Rs 1 a litre and diesel by Rs 2 per litre, the fourth reduction in rates since July.Petrol will now cost Rs 60.09 a litre in Delhi from midnight as compared to Rs 61.09 a litre currently, said Indian Oil Corp (IOC). 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 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, the impact of which is being passed on to the consumers with this price revision," IOC said.The movement of prices in the international oil market and rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOC added.