GitLab Runner Can't connect GitLab Repository.

I have installed GitLab and running no issue. Installed docker and running no issue. Installed runner and while starting runner showing below message

sudo gitlab-runner run
Starting multi-runner from /etc/gitlab-runner/config.toml ...  builds=0
Running in system-mode.                            
                                                   
Configuration loaded                                builds=0
Metrics server disabled                            

and here is the runner configuration file

concurrent = 1
check_interval = 0

[[runners]]
  name = "[127.0.0.1] my-runner"
  url = "http://127.0.0.1/"
  token = "ae69387b7f250d3f2bec37cfddc797"
  executor = "docker"
  [runners.docker]
    tls_verify = false
    extra_hosts = ["myhost:127.0.0.1"]
    image = "docker:latest"
    privileged = false
    disable_cache = false
    volumes = ["/cache"]
    shm_size = 0
  [runners.cache]

When doing any commit to gitlab the job is picking up but its failed to connect the repository.Showing below error.Not sure why its falinging to connect.Please provide some input if anyone got similar issue.

Running with gitlab-runner 10.4.0 (857480b6)
  on [127.0.0.1] my-runner (ae69387b)
Using Docker executor with image docker:latest ...
Using docker image sha256:24d35a326e85680c0f0ee849146e6a48954e3d9db732f01005df69a762d1480d for predefined container...
Pulling docker image docker:latest ...
Using docker image docker:latest ID=sha256:cc2d9a7e463b4b75fb97afa21c610ed1939b5cacb9ae0b940b5ae5c43a36d426 for build container...
Running on runner-ae69387b-project-3-concurrent-0 via myhost...
Cloning repository...
Cloning into '/builds/root/testbench-starterkit-master'...
fatal: unable to access 'http://gitlab-ci-token:xxxxxxxxxxxxxxxxxxxx@127.0.0.1/root/testbench-starterkit-master.git/': Failed to connect to 127.0.0.1 port 80: Connection refused
ERROR: Job failed: exit code 1