Indian Oil Corporation and oil marketing companies will cut petrol prices by 56 paise per litre efective from midnight tonight. The new retail prices of petrol in Delhi will be 67.90 rupees a litre, about 0.8 percent lower than current 68.46 rupees a litre.

Country's three state-run fuel retailers - IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp tend to move their prices together. According to a statement, petrol in Delhi will now cost 67 rupess and 90 paise per litre against the earlier price of 68 rupees and 46 paise.

While in Mumbai the price will be 74 rupees and 43 paise, in Kolkata, it will be 75 rupees and 44 paise a litre and in Chennai, it will cost 71 rupees and 48 paise per litre. The reduction in petrol prices follows appreciation of rupee value against the US dollar.