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Petrol And Diesel Prices Drop Sharply As Govt Announces Cuts In Excise Duty
Petrol and diesel prices drop sharply as govt cuts excise duty. The fuel prices were dropped on Thursday after the central government announced revised excise duty on petrol and diesel and as a result, the petrol price fell by Rs 5 per litre, whereas the diesel price dropped by Rs 10 per litre.
Post the reduction of petrol and diesel prices, the petrol in Mumbai was available at Rs 109.98 per litre and the diesel was priced at Rs 94.14 per litre. Whereas in the national capital, the diesel prices were set at Rs 89.79 per litre and the petrol was priced at Rs 103.97 per litre.
Moving East and then South, prices per litre of petrol in Kolkata and Chennai were set at Rs 101.40 and Rs 104.67, respectively. The diesel prices were capped at Rs 91.43 per litre in Chennai and Rs 89.79 per litre in Kolkata.
"Government of India has taken a significant decision of reducing Central Excise Duty on petrol and diesel by Rs 5 and Rs 10 (per litre) respectively from tomorrow. Prices of petrol and diesel will thus come down accordingly," the finance ministry said in a statement released on Wednesday.
According to various sources, the recently announced cut in excise duty on both petrol and diesel were among the highest-ever reduction in excise duty.
Moreover, Bharatiya Janata Party (BJP) led states such as Assam, Tripura, Manipur, Bihar, Uttar Pradesh, Uttarakhand, Gujarat, and Karnataka also announced a significant reduction in Value Added Tax (VAT) on both petrol and diesel to further reduce the fuel prices in their respective states.
It is also worth mentioning that it was Uttar Pradesh that announced the highest VAT cut among all other BJP-led states by Rs 12 per litre on both petrol and diesel.
This reduction in fuel prices comes as a relief package for the majority of working-class people of India.
Below is the list of petrol prices in major Indian cities.
New Delhi Rs 103.97 per litre.
Mumbai Rs 109.98 per litre.
Chennai Rs 101.40 per litre.
Bengaluru Rs 107.64 per litre.
Hyderabad Rs 108.20 per litre.
Trivandrum Rs 106.36 per litre.
Jaipur Rs 111.10 per litre.
Below is the list of diesel prices in major Indian cities.
New Delhi Rs 86.67 per litre.
Mumbai Rs 94.14 per litre.
Chennai Rs 91.43 per litre.
Bengaluru Rs 92.03 per litre.
Hyderabad Rs 94.62 per litre.
Trivandrum Rs 93.47 per litre.
Jaipur Rs 95.71 per litre.
Thoughts On Petrol And Diesel Price Drop
It is a welcome move by the central government to reduce the prices of automotive fuel as it will help many working-class people manage their finances better during this festive season. Apart from that, the reduction in diesel prices could positively affect the prices of many essential commodities across the country.