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Petrol, diesel prices fall today after cut in Centre's excise duty, states' VAT. Check city-wise rates here

Delhi fuel prices: A litre of petrol has reduced to  ₹103.97 per litre and diesel to  ₹86.67 per litre on Thursday (HT_PRINT)Premium
Delhi fuel prices: A litre of petrol has reduced to 103.97 per litre and diesel to 86.67 per litre on Thursday (HT_PRINT)

  • The central government yesterday cut diesel prices by 10 a litre and petrol by 5 a litre
  • In Mumbai, the rate of petrol has declined to 109.98 per litre, and that of diesel to 94.14 per litre today

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The petrol and diesel prices have reduced drastically across all districts and states across the country on the day of Diwali festival, Thursday after Centre reduced excise duties on fuels yesterday. Besides, several state governments have also slashed VAT ( Value Added Tax) on both petrol and diesel, providing a major relief to the common man amid the festival time. VAT is an indirect tax levied on goods and services. Each state has its own VAT laws.

As per the Indian Oil Corporation Ltd (IOCL)'s website, a litre of petrol has reduced to 103.97 per litre and diesel to 86.67 per litre on Thursday.

On the other hand, in the country's financial capital Mumbai, the rate of petrol has declined to 109.98 per litre from 115.85/litre, and that of diesel to 94.14 per litre today.

The central government yesterday cut diesel prices by 10 a litre and petrol by 5 a litre. The Centre's announcement has against the backdrop of businesses and consumers complaining about a rise in commodity prices and input costs.

Petrol price on November 4:

  • New Delhi 103.97/litre
  • Mumbai 109.98/litre
  • Kolkata 104.67/litre
  • Noida 101.29/litre
  • Gurugram 101.71/litre
  • Bengaluru 107.64/litre
  • Bhubaneshwar 104.91/litre
  • Chennai 101.40/litre
  • Hyderabad 108.20/litre
  • Lucknow 100.78/litre
  • Trivandrum 106.36/litre
  • Chandigarh 100.12/litre
  • Jaipur 111.10/litre
  • Ganganagar 116.34/litre

Diesel price on November 4:

  • New Delhi 86.67/litre
  • Mumbai 94.14/litre
  • Kolkata 89.79/litre
  • Noida 87.31/litre
  • Gurugram 87.42/litre
  • Bangalore 92.03/litre
  • Bhubaneshwar 94.51/litre
  • Chennai 91.43/litre
  • Hyderabad 94.62/litre
  • Lucknow 86.85/litre
  • Trivandrum 93.47/litre
  • Chandigarh 86.46/litre
  • Jaipur 95.71/litre
  • Ganganagar 100.53/litre

States that have cut VAT on petrol and diesel

  • Gujarat: Petrol 7/litre; Diesel 7/litre
  • Uttar Pradesh: Petrol 12/litre; Diesel 12/litre
  • Uttarakhand: Petrol 2/litre; Diesel 2/litre
  • Assam: Petrol 7/litre; Diesel 7/litre
  • Karnataka: Petrol 7/litre; Diesel 7/litre
  • Goa: Petrol 7/litre; Diesel 7/litre
  • Manipur: Petrol 7/litre; Diesel 7/litre
  • Tripura: Petrol 7/litre; Diesel 7/litre

Yesterday's reduction was the highest-ever reduction in excise duty and rolls back a part of the 13 and 16 per litre increase in taxes on petrol and diesel effected between March and May last year. That hike in excise duty had taken central taxes on petrol to their highest level of 32.9 per litre and that on diesel to 31.8 a litre.

The total increase in petrol price since the May 5, 2020 decision of the government to raise excise duty to record levels now totals 38.78 per litre. Diesel rates have during this period gone up by 29.03 per litre.

The relentless increase in fuel prices had been severely criticised by Opposition parties, particularly Congress which had demanded that the government reduce its excise duty.

The cut in excise duty will bring relief to motorists. The relief will be bigger for trucks and agri sector -- the biggest users of diesel.

Prior to the cut, the government's collection from levy of excise duty on petroleum products had risen 33% between April and September 2021 compared to last year and was 79% more than pre-COVID levels.

Data available from the Controller General of Accounts (CGA) in the Union Ministry of Finance showed excise duty collections during April-September 2021 surging to over 1.71 lakh crore, from 1.28 lakh crore mop-up in the same period of the previous fiscal.

For the full 2020-21 fiscal, excise collections were 3.89 lakh crore and 2.39 lakh crore in 2019-20, the CGA data showed.

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