New Delhi: State-run Indian Oil Corp (IOC) on Friday announced a slash in transport fuel rates for Delhi -- petrol by 74 paise per litre and diesel by Rs.1.30 per litre -- with corresponding cuts in other states in line with the global trends. The cuts will be effective from midnight on Friday. The price of petrol in Delhi will now be Rs.61.13 per litre, while diesel will cost Rs.48.01 per litre, the company said in a statement. The petrol price had been increased by Rs.2.19 a litre and diesel by 98 paise per litre on April 4. "The current level of international product prices of petrol and diesel and rupee-USD exchange rate warrant decrease in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision," the company statement said.