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In a big relief, fuel prices in Delhi dropped drastically on Diwali day. A litre of petrol costs 103.97 per litre today, while diesel is priced at 86.67 per litre, as per the Indian Oil Corporation Ltd (IOCL)'s website. This is a sharp drop from yesterday's rate of Rs110.04, 98.42 for per litre of petrol and diesel.

Meanwhile, in Noida, petrol is priced at 101.29/litre and in Gurugram, it is 101.71/litre. 

The Centre on Wednesday cut excise duty on petrol and diesel by 5 and 10 per litre to help bring down rates down from their highest-ever levels. Following this fuel prices dropped sharply across the country. 

"Government of India has taken a significant decision of reducing Central Excise Duty on petrol and diesel by 5 and 10 (pre litre) respectively from tomorrow. Prices of petrol and diesel will thus come down accordingly," the finance ministry said in a statement.

This is 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 2020 and May 2020 to avoid passing on to consumers the sharp fall in international oil prices.

That hike in excise duty had taken central taxes on petrol to their highest level of 32.9 per ltire and that on diesel to 31.8 a litre.

The reduction follows unrelenting hike in international oil prices pushing pump rates across the country to their highest-ever levels. While petrol is above 100-a-litre-mark in all major cities, diesel has crossed that level in more than one-and-a-half dozen states.

Apart from this, several state governments have also slashed VAT ( Value Added Tax) on both petrol and diesel. VAT is an indirect tax levied on goods and services. Each state has its own VAT laws.

(With inputs from agencies)

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