Tax on petrol down to nearly 50%, check how much one-litre fuel will cost you

Here are the latest petrol prices in all major Indian cities post excise and VAT cut. 

New Delhi: Earlier this week, the Central government had reduced the excise duty on petrol and diesel by Rs 5 and Rs 10, respectively. Following the revision in excise duties, several state governments lowered the VAT on petrol and diesel, making the fuel products a bit more affordable for the common man. With the latest excise duty cut introduced by the Central government, the total tax on petrol has come down to 50 per cent and that on diesel has lowered to 40 per cent.  

Besides excise duty and VAT, petrol and diesel prices also include commission paid to dealers and value-added tax (VAT) and basic oil prices. For those uninitiated, the basic oil price is the prevailing international benchmark rate coupled with freight charges. Also Read: PM Kisan Yojana: Farmers to get 10th installment on December 15, check how to register

So far, 24 states and Union Territories have reduced the VAT rates in different proportions, matching the Centre’s announcement, with the latest being the Punjab state government. Also Read: Amazon, Flipkart Recruitment: Now, apply for non-voice customer support jobs, check eligibility, salary