Petrol and diesel prices saw huge tax cuts after the central government reduced excise duty. After this move, the overall incidence of tax on petrol came down by 50 per cent, while that of diesel came down to 40 per cent. The overall incidence of tax on petrol and diesel decreased slightly more proportionately as many states decided to cut Value Added Tax (VAT) or local taxes. Petrol and diesel prices remained unchanged on Monday, November 7, according to a notification by oil marketing companies across India. The price of petrol and diesel has been put on hold after the Center cut excise duty. After the price cut, the price of petrol has come down to below Rs 100 per liter in most parts of the country.
With the tax cut, the price of petrol in the national capital Delhi stood at Rs 103.97 and remained unchanged on Monday. At the same time, the price of one liter of diesel here was Rs 86.67. Delhi has not announced VAT deduction.
The price of petrol in Mumbai was Rs 109.98 per liter that day. Diesel price in the financial capital was retailing at Rs 94.14 for a liter after the price cut, and was also unchanged.
In Kolkata, the capital of West Bengal, the price of one liter of petrol was Rs 104.67 on Monday. At the same time, in the eastern metropolis, the price of one liter of diesel was fixed at Rs 89.79.
In Chennai, petrol was priced at Rs 101.40 for a liter while diesel was priced at Rs 91.43. The price of petrol in Bhopal was Rs 107.23, while the cost of diesel in the city of Madhya Pradesh was Rs 90.87.
On November 1, before the duty cut, central excise of Rs 32.90 per liter and 30 per cent VAT in Delhi was 54 per cent of the retail selling price of diesel, PTI reported, quoting price creation by state-owned OMCs. This, after a reduction of Rs 5 per liter in excise duty, has come down to 50 per cent in Delhi, PTI said in its report.
The prices of diesel and petrol in some cities of the country are as follows:
Petrol – Rs 109.98 per liter
Diesel – Rs 94.14 per liter
Delhi
Petrol – Rs 103.97 per liter
Diesel – Rs 86.67 per liter
Chennai
Petrol – Rs 101.40 per liter
Diesel – Rs 91.43 per liter
Kolkata
Petrol – Rs 104.67 per liter
Diesel – Rs 89.79 per liter
Bhopal
Petrol – Rs 107.23 per liter
Diesel – Rs 90.87 per liter
Hyderabad
Petrol – Rs 108.20 per liter
Diesel – Rs 94.62 per liter
Bangalore
Petrol – Rs 100.58 per liter
Diesel – Rs 85.01 per liter
Chandigarh
Petrol – Rs 100.12 per liter
Diesel – Rs 86.46 per liter
Guwahati
Petrol – Rs 94.58 per liter
Diesel – Rs 81.29 per liter
Lucknow
Petrol – Rs 95.28 per liter
Diesel – Rs 86.80 per liter
Gandhinagar
Petrol – Rs 95.35 per liter
Diesel – Rs 89.33 per liter
Thiruvananthapuram
Petrol – Rs 106.36 per liter
Diesel – Rs 93.47 per liter
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