Petrol price was on Friday night cut by Rs 3.77 per litre and the rate of diesel was lowered by Rs 2.91 per litre. The cut in rates, effective from Friday midnight, is excluding state levies and the actual decrease in prices will be slightly higher. Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) revise rates of petrol and diesel fortnightly.