New Delhi, (PTI) Petrol price was today 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 tonight 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.

This is the third reduction in rates this month. Petrol price was last cut by Rs 2.25 a litre on July 16. Diesel rate on that date was reduced by Rs 0.42 a litre. Prior to that petrol price was cut by 89 paise a litre and diesel by 49 paise on July 1.

Prior to the reductions in July, rates had been hiked on four occasions since May 1. Petrol prices in the four hikes had been raised by Rs 4.52 a litre and diesel by Rs 7.72 per litre.

"The current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant 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 in a statement.

Barring an exemption on April 16, when price of petrol was cut by 74 paise a litre and diesel by Rs 1.30, the upward trend in rates had been a phenomenon since March 17.

After discounting the April 16 reduction, petrol prices have jumped by Rs 9.04 per litre since mid-March and diesel by Rs 11.05 per litre.

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.