New Delhi, June 30 : With a slight softening of international prices, Indian Oil Corp on Tuesday reduced the rates of transport fuels, cutting petrol by 31 paise a litre and of diesel by 71 paise in Delhi, effective from midnight, with corresponding decrease in other states.

The prices were last revised on June 15, when petrol was hiked by 64 paise a litre and diesel cut by Rs.1.35.

"Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has appreciated during this period," the oil marketer said in a release here.

The price of petrol per litre from Wednesday will be Rs.66.62 in Delhi, Rs.74.09 in Kolkata, Rs.74.52 in Mumbai and Rs.69.84 in Chennai.

Diesel will cost Rs.50.22 a litre in Delhi, Rs.54.75 in Kolkata, Rs.57.64 in Mumbai and Rs.53.62 in Chennai.

The Indian basket of crude oil cost $59.95 a barrel on the last trading day on Monday. A barrel equals 159 litres.