On Friday, November 5, the prices of petrol and diesel saw a sharp decline as more states had declared cuts on VAT. Many states joined the Centre in cutting down the fuel prices, which were at stunning highs in recent days. Petrol and diesel were at high prices in their lifetime before the Centre and States declared cut on the excise duty.
On the eve of Diwali, the Central Govt announced a cut in excise duty on petrol by Rs 5 per litre and diesel by Rs 10 per litre. The States also took additional steps which helped to reduce the fuel rates.
The cut in excise duty will cost Rs 45,000 crore and lead to a 0.3% point widening on the Centre’s fiscal deficit, a foreign brokerage said on Thursday, as per a report by news agency PTI.
However, according to the economist, the move only partly reverses the hike in duties in 2020 by Rs 13 per litre for petrol and Rs 16 per litre on diesel, following the steep drop in oil costs and comes on the heels of higher crude prices pushing retail costs to record highs.
“The Government of India has made efforts to ensure that there is no energy shortage in the country and that commodities such as petrol and diesel are available adequately to meet our requirements,” it added.
Following are the prices of diesel and petrol across some cities in the country:
| Cities | Petrol | Diesel |
| Bangalore | Rs 100.58 Per Litre | Rs 85.01 Per Litre |
| Mumbai | Rs 109.98 Per Litre | Rs 94.14 Per Litre |
| Delhi | Rs 103.97 Per Litre | Rs 86.67 Per Litre |
| Chennai | Rs 101.40 Per Litre | Rs 91.43 Per Litre |
| Kolkata | Rs 104.67 Per Litre | Rs 89.79 Per Litre |
| Bhopal | Rs 107.23 Per Litre | Rs 90.87 Per Litre |
| Hyderabad | Rs 108.20 Per Litre | Rs 94.62 Per Litre |
| Chandigarh | Rs 100.12 Per Litre | Rs 86.46 Per Litre |
| Guwahati | Rs 94.58 Per Litre | Rs 81.29 Per Litre |
| Lucknow | Rs 95.28 Per Litre | Rs 86.80 Per Litre |
| Gandhinagar | Rs 95.35 Per Litre | Rs 89.33 Per Litre |
| Thiruvananthapuram | Rs 106.36 Per Litre | Rs 93.47 Per Litre |
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