The petrol prices were slashed by Rs 1.15 per litre (excluding VAT) just ahead of Diwali. However, the diesel prices were hiked by 50 paise per litre. This is the second reduction in petrol prices this month. Earlier, there was a cut of Rs 3.05 (without VAT) on October 1. The changes will take effect from midnight today.

However, the common people may have more bad news after the upcoming assembly polls, as the Parikh Committee has suggested an immediate increase of Rs 5 per litre in diesel prices to cover the losses incurred by the oil companies.