Petrol price was on Monday cut by Rs 2 per litre and diesel by 0.50 paise a litre, the third reduction in rates this month on fall in global oil rates. The new rates will be effective from the midnight of August 31 and September 1, said Indian Oil Corp, the nation’s largest fuel retailer. Petrol price in Delhi has been cut by Rs 2 per litre, including local levies, and will cost Rs 61.20 per litre from Tuesday as against Rs 63.20 currently. Diesel price will be Rs 44.45 per litre as compared to Rs 44.95 currently. Oil firms had last cut petrol price by Rs 1.27 a litre and diesel by Rs 1.17 per litre with effect from August 15. “Since last price change, there has been a decrease in international prices of both petrol and diesel. However, Rupee-US Dollar exchange rate has depreciated during this period,” IOC said in a statement.