Petrol and diesel prices in India dropped sharply on Thursday after the government had announced to reduce excise duty on fuel rates. In a bid to provide much needed relief to aam aadmi, the central government cut excise duty on petrol and diesel by a record Rs 5 and Rs 10 per litre, respectively. “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 on Wednesday.
After the reduction, a litre of petrol was available at Rs 103.97 a litre in Delhi on November 4. In Mumbai, a litre of petrol could be bought at Rs 109.98 per litre. A litre of petrol was priced at Rs 101.40 in Chennai and Rs 104.67 per litre in Kolkata.
Diesel price in the country also fell significantly on Thursday after Centre’s much-awaited relief. A litre of diesel would cost Rs 86.67 per litre in the national capital. Diesel price came down to Rs 94.14 per litre in Mumbai. In Chennai, a litre of diesel was priced at Rs 91.43 per litre. For a litre of auto fuel, you have to shell Rs 89.79 in Kolkata.
This was the highest-ever reduction in excise duty on petrol and diesel in the last few years. Commenting on the excise duty cut, Mahesh Jaising, partner, Deloitte India, “On the auspicious occasion of Diwali season, this announcement of reduction of excise duty is surely one to cheer for. This reduction will not only reduce the fuel prices directly for the consumers but also assist in reduction of costs through the supply chain, eg, inputs, logistics cost, etc, as the excise duty is a non creditable cost for businesses too (being outside of GST).”
Besides the excise-duty cut, several Bharatiya Janata Party-led states including Assam, Goa, Tripura, Karnataka, Uttarakhand, Manipur, Gujarat, Uttar Pradesh and Bihar also announced to reduce VAT (Value Added Tax) on both petrol and diesel, providing major relief to common man during festive season. The central government also urged the states to reduce VAT to bring petrol and diesel prices down in India.
CHECK PRICES OF PETROL IN MUMBAI, DELHI and OTHER CITIES
-New Delhi ₹103.97/litre
-Mumbai ₹109.98/litre
-Kolkata ₹104.67/litre
-Noida ₹101.29/litre
-Gurugram ₹101.71/litre
-Bengaluru ₹100.58/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
CHECK PRICES OF ONE LITRE DIESEL IN MUMBAI, DELHI, OTHER CITIES
-New Delhi ₹86.67/litre
-Mumbai ₹94.14/litre
-Kolkata ₹89.79/litre
-Noida ₹87.31/litre
-Gurugram ₹87.42/litre
-Bengaluru ₹85.01/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
-Karnataka: Petrol ₹7/litre; Diesel ₹7/litre
“The government has given a nice Diwali gift to the people of this country by reducing excise duty on petrol and diesel. This should give much needed reprieve to the common man. This will also help in bringing down transportation costs resulting in slight reduction on prices of goods,” Rajat Bose, partner, Shardul Amarchand Mangaldas & Co added.
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