New Delhi, Aug 15 : State-run Indian Oil Corp (IOC) has cut prices of petrol by Rs.1.27 a litre and of diesel by Rs. 1.17, effective Saturday, the oil marketer announced.

Calling it an Independence Day gift to consumers, IOC said: \"Since last price change (August 1), there has been a decrease in international prices of both petrol and diesel.\"

IOC announced that the price of petrol per litre from Saturday will be Rs.63.20 in Delhi, Rs.68.10 in Kolkata, Rs.68.24 in Mumbai and Rs.63.49 in Chennai.

Diesel will cost Rs.44.95 a litre in Delhi, Rs.48.66 in Kolkata, Rs.50.04 in Mumbai and Rs.46.08 in Chennai.

International crude oil prices have fallen below the psychological $50-a-barrel mark. The Indian basket of crude oils closed on the previous trading day on Thursday at $49.52 a barrel of nearly 160 litres.

Petrol, diesel prices cut