Petrol price has been cut by 2 rupees 41 paise a litre and diesel by 2 rupees 25 paise including VAT following a decrease in the international fuel prices. The new rates came into effect from midnight of October 31 and November 1.
Fuel prices vary from state to state because of differential rate of local sales tax or VAT. As of now, Petrol will cost 64 rupees 24 paise a litre in Delhi, 71 rupees 68 paise in Kolkata, 71 rupees 91 paise in Mumbai and 67 rupees 1 paise in Chennai.
For Diesel, people will have to pay, 53 rupees 35 paise a litre in Delhi, 57 rupees 95 paise in Kolkata, 61 rupees 4 paise in Mumbai and 56 rupees 84 paise in Chennai. In a statement, the Indian Oil Corporation said that the decision has been taken in view of the continuing downtrend in the international prices of both Petrol and Diesel.
The Narendra Modi government has recently deregulated the fuel prices for the first time in more than a decade.