Petrol and diesel prices to reduce from midnight today, See details

Bhubaneswar: The central government had announced a fall of petrol and diesel price on Wednesday as a special gift for Diwali. The fall in petrol price has brought much needed relief to consumers. On eve of Diwali, Government of India announced excise duty reduction on petrol and diesel. Excise duty on Petrol and Diesel to be reduced by Rs 5 and Rs 10 respectively.

While on the occasion of Diwali on November 4, the government of Odisha reduced the value-added tax (VAT) by Rs 3 per litre on petrol and diesel prices. The new prices of petrol and diesel will come into effect from midnight today.

In view of this reduction, the loss of VAT revenue to state exchequer will be to the tune of Rs 1400 Cr. per annum. This is in addition to loss in VAT collection at Rs. 1.6/ litre on petrol and Rs. 2.8/ litre on diesel, total amounting to Rs 700 Crore which the state is likely to incur in view of Excise duty reduction by Government of India.

It is to be noted that the petrol price have remained constant in Bhubaneswar today while the diesel prices have decreased in capital city today.

The cost of petrol has been recorded at Rs 104.70 per litre while the diesel price has been recorded at Rs 94.51 per litre today. Yesterday, the petrol and diesel costs were recorded at Rs 104.70 per litre and Rs 107.57 per litre respectively.

Some major districts in Odisha have registered petrol price above 110 where the rate of petrol in Malkangiri district has been recorded to be the highest in the state at Rs 110.83 per litre.

The other major cities of India have also recorded the petrol price above Rs 100 including Rs 101.40 in Chennai, Rs 104.67 in Kolkata and Rs 109.98 in Mumbai. The diesel price in various cities are recorded at Rs 91.43 in Chennai, Rs 89.79 in Kolkata and in Mumbai the rates are at Rs 94.14.

Meanwhile, the price of petrol in the national capital is recorded at Rs 103.97 per litre while the price of diesel is at Rs 86.67 per litre.

Also read: Good news on Diwali ! Price of petrol and diesel reduced further in Odisha, See details