Petrol and diesel prices held steady on July 15, except for Mumbai after Maharashtra Chief Minister Eknath Shinde has announced a cut in value added tax (VAT) of Rs 5 per litre on petrol and of Rs 3 per litre for diesel, the latest price notification issued by fuel retailers showed.
The price cut was announced by the CM after a state Cabinet meeting at Mantralaya on July 14. Deputy Chief Minister Devendra Fadnavis hailed the decision as a “great relief to Maharashtrian and Marathi Manus”.
He added that the step comes after appeal made by Prime Minister Narendra Modi for benefit to common citizens. Hardeep Singh Puri, Union Minister for Petroleum and Natural Gas also chipped in, calling the move a "welcome decision" in a tweet.
After a VAT cut by Maharashtra government, in Mumbai, petrol is being sold at Rs 105.31 per litre and diesel at Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai, while in Kolkata, petrol is at Rs 106.03 and diesel at Rs 92.76.
Fuel prices have stayed unchanged for more than a month after the government on May 21 cut the excise duty on petrol by Rs 8 a litre and on diesel by Rs 6 a litre.
Reportedly, oil marketing companies are incurring a loss of Rs 13.08 a litre on petrol and Rs 24.09 on diesel even as they pass on the excise duty cut to consumers in the country. India meets 80 percent of its fuel needs through imports.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
