Sharp decline registered in Petrol, diesel prices as more States announce cut in VAT

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Business News

Nov 05, 2021

2:09PM

Sharp decline registered in Petrol, diesel prices as more States announce cut in VAT

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Petrol and diesel prices today saw a sharp decline as more states had announced VAT cuts. Several states joined the Centre in cutting down the fuel rates. On the eve of Diwali, on November 3rd, the central government announced a cut in excise duty on petrol by five rupees per litre and diesel by ten rupees per litre.The additional step by states also helped reduce the petrol and diesel rates, which witnessed relentless hikes over the recent months.

With this price reduction, petrol is now 103 rupees 97 paise in the national capital of Delhi. On the other hand, one litre of diesel in New Delhi cost 86 rupees 67 paise after the excise cut. Petrol price in Mumbai was cut to 109 rupees 98 paise per litre, whereas Diesel price is at 94 rupees 14 paise for one litre after the price cut.

In Kolkata, price of one litre of petrol today stood at 104 rupees 67 paise. On the other hand, the price of one litre of diesel was fixed at 89 rupees 79 paise in the city.

In Chennai, petrol price was reduced to 101 rupees 40 paise for one litre while the price of that amount of diesel stood at 91 rupees 43 paise. Wednesday’s excise cut in fuel rates were the highest-ever such reduction in history.