Petrol and Diesel Prices Come Down After States Announce Cut in VATTop Stories

November 05, 2021 12:17

(Image source from: kalingatv.com)

Right before Diwali, the Centre announced a cut in the prices of petrol and diesel. On November 5th, several states announced a cut in VAT. On the evening of Wednesday, the Centre announced a cut in the excise duty on petrol by Rs 5 and on diesel by Rs 10 per litre. The states now announced a slash on the VAT will help additional cut down in the prices of petrol and diesel. The petrol is now priced at Rs 103.97 per litre in New Delhi and for diesel, it is Rs 86.67 after the excise cut. In Mumbai, the price of petrol is Rs 109.98 per litre and for diesel, it is Rs 94.14 per litre. The price of petrol in Kolkata is Rs 104.67 and for diesel, it is Rs 89.79 per litre.

The prices of petrol and diesel in Chennai are Rs 101.40 and Rs 91.43. The prices in Bhopal are Rs 107.23 and Rs 90.87. The excise duty cuts will cost Rs 45,000 crores. The entire fiscal will come at Rs 1 lakh crore or 0.45 percent of the GDP. The fuel cuts are the highest in the recent years as they kept soaring up in the recent years. The Union Finance Ministry issued a statement saying "Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively from tomorrow. Prices of petrol and diesel will thus come down accordingly. The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements". Here are the prices in various cities as per the prices today:

Mumbai

Petrol - Rs 109.98 per litre

Diesel - Rs 94.14 per litre

Delhi

Petrol - Rs 103.97 per litre

Diesel - Rs 86.67 per litre

Chennai

Petrol - Rs 101.40 per litre

Diesel - Rs 91.43 per litre

Kolkata

Petrol - Rs 104.67 per litre

Diesel - Rs 89.79 per litre