Economy

Petrol, diesel prices on December 5 in your city

On November 3, the Centre reduced excise tax on petrol by Rs 5 per litre and diesel by Rs 10 per litre to provide comfort to customers who have been hit by record-high retail fuel costs.

Petrol and diesel prices remained steady on December 5 following the Centre’s excise duty drop to bring retail rates down from record highs, according to a price notification from state-owned fuel retailers.

Petrol prices in Delhi remained steady at Rs 95.41 per litre, three days after the government slashed value-added tax (VAT) from 30% to 19.4%, saving Rs 8 per litre. The price of diesel in Delhi has remained steady at Rs 86.67 per litre.

To provide comfort to customers who have been impacted by record-high retail fuel prices, the government decreased excise duty on petrol by Rs 5 per litre and diesel by Rs 10 per litre on November 3.

The price stayed the same in other metro areas. On November 4, the price of petrol in Mumbai plummeted to Rs 109.98 per litre. The pricing stayed steady on December 4th. The price of fuel remained steady for the day, at Rs 94.14 per litre.

Petrol and diesel rates in Kolkata stayed steady at Rs 104.67 and Rs 89.79 per litre, respectively.
In Chennai, a litre of petrol was offered at the same price of Rs 101.40. Similarly, the price of fuel remained steady at Rs 91.43 per litre.

The excise duty reduction was the most significant in history. In addition to the excise duty reduction, the union government requested states to reduce the value-added tax (VAT) on gasoline and diesel to help customers.

As a result, many states and union territories have decreased VAT to help customers who have been impacted by record-high retail costs. Ladakh, Karnataka, Puducherry, Jammu and Kashmir, Sikkim, Mizoram, Delhi, Himachal Pradesh, Daman and Diu, Dadra and Nagar Haveli, Chandigarh, Chhattisgarh, Assam, Madhya Pradesh, Tripura, Gujarat, Nagaland, Punjab, Goa, Meghalaya, Odisha, Rajasthan, Rajasthan, Rajasthan, Rajasthan, Rajasthan, Rajasthan, Rajasthan, Rajasthan, Rajasthan,

Congress-ruled Maharashtra, Jharkhand, and Tamil Nadu are among the states where the VAT has not yet been reduced. West Bengal, administered by the TMC, Kerala, governed by the Left, Telangana, governed by the TRS, and Andhra Pradesh, governed by the YSR Congress, have all refused to lower VAT.

Congress-ruled As a result of the most significant drop in local sales tax or VAT, Punjab has seen the highest reduction in petrol prices in the country, while the UT of Ladakh has experienced the largest reduction in diesel rates for the same reason.

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