Saturday morning brings good news as fuel prices have been slashed yet again. The price of petrol is cut by 2.43 per litre and diesel by 3.60 per litre, effective midnight.
Fuel prices were cut earlier by Rs 2, but places like Delhi did not enjoy the benefit because the government hiked the VAT on fuel prices, while other places enjoyed the benefit.
This increase in VAT hiked the price of petrol by 28 paise per litre and diesel prices saw a drop of just 50 paise per litre.
The Indian Oil Corp (IOC) statement said, "The movement of prices in international oil market and Rupee-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."