Petrol price was cut by Rs 1.42 a litre and diesel by Rs 2.01 per litre, the third reduction in rates this month on global cues. Petrol will cost Rs 61.09 a litre in Delhi from midnight as compared to Rs 62.51 a litre currently, said Indian Oil Corp, the nation’s largest fuel retailer. Similarly, diesel will cost Rs 52.27 per litre as against Rs 54.28 currently.