Diwali celebrations in India got grander as Modi-led government announced that the fuel prices will be slashed across the country following an excise duty cut on petrol and diesel. Centre announced that excise duty on petrol will be reduced by Rs 5 and on diesel by Rs 10 starting Thursday, November 5, which will directly reflect on the fuel prices.
"The reduction in excise duty on diesel will be double that of petrol. The Indian farmers have, through their hard work, kept the economic growth momentum going even during the lockdown phase and the massive reduction in excise on diesel will come as a boost to the farmers during the upcoming Rabi season," read the official statement by the Finance Ministry.
In addition, the Centre urged state governments to commensurately reduce VAT on petrol and diesel. It remains to be seen if the states will comply the request of the Centre. For instance, Delhi levies 30 percent VAT on petrol, while Mumbai 26% plus additional 10.12/litre.It's also worth noting that the Centre has collected 3.44 lakh crore as central excise duty from petroleum products in 2020-21.
Revised petrol, diesel prices in Indian cities
Here's a look at the tentative prices of petrol and diesel in various Indian cities after the excise duty cut on fuel.
Bengaluru
Petrol - Rs 113.93 per litre revised to tentatively cost Rs 108.93
Diesel - Rs 104.50 per litre revised to tentatively cost Rs 94.50
Mumbai
Petrol - Rs 115.85 per litre revised to tentatively cost Rs 110.85
Diesel - Rs 106.62 per litre revised to tentatively cost Rs 96.62
Delhi
Petrol - Rs 110.04 per litre revised to tentatively cost Rs 105.04
Diesel - Rs 98.42 per litre revised to tentatively cost Rs 88.42
Chennai
Petrol - Rs 106.66 per litre revised to tentatively cost Rs 101.66
Diesel - Rs 102.59 per litre revised to tentatively cost Rs 92.59
Kolkata
Petrol - Rs 110.49 per litre revised to tentatively cost Rs 105.49
Diesel - Rs 101.56 per litre revised to tentatively cost Rs 91.56
Hyderabad
Petrol - Rs 114.49 per litre revised to tentatively cost Rs 109.49
Diesel - Rs 107.40 per litre revised to tentatively cost Rs 97.40
Bhopal
Petrol - Rs 118.81 per litre revised to tentatively cost Rs 113.81
Diesel - Rs 107.90 per litre revised to tentatively cost Rs 97.90
Lucknow
Petrol - Rs 106.96 per litre revised to tentatively cost Rs 101.96
Diesel - Rs 98.91 per litre revised to tentatively cost Rs 88.91
