New Delhi, Aug 01 (ANI): Petrol price was cut by Rs. 1.09 per litre, the second reduction in three-and-half months while the diesel price was hiked by 56 paise a litre. The revisions were made effective from midnight Thursday, Indian Oil Corp, the nation's largest oil firm, announced. Petrol in Delhi will cost Rs 72.51 per litre from today as against Rs 73.60 a litre earlier. Similarly, diesel will be priced at Rs 58.40 per litre from today as compared to the previous Rs 57.84. Petrol price was reduced following drop in international oil rates and rupee depreciation against US dollar, making imports cheaper.