NEW DELHI: Oil firms have cut petrol prices by 58 paise per litre and diesel by 25 paise in Delhi in line with changes in international rates and the exchange rate, which has made the landed price of imports cheaper. The new prices will be effective Tuesday. Petrol will now cost Rs 60.48 per litre while diesel will be retailed at Rs 46.55 in Delhi, Indian Oil Corporation said in a statement. “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” the company said. Oil prices have fallen 60% since last year due to a supply glut in the international market and the decision of the oil cartel OPEC to not cut supply so that its high-cost rivals suffer in the long run.