Petrol, Diesel prices slashed by Rs 5 & Rs 10 respectively by Modi govt on Diwali eve

In a Diwali bonanza by the Modi government and major relief to the common man, the fuel prices- petrol and diesel- will be reduced by Rs 5 and Rs 10 respectively from Thursday, November 4.

"On eve of Diwali, Government of India announces excise duty reduction on petrol and diesel. Excise duty on Petrol and Diesel to be reduced by Rs 5 and Rs 10 respectively from tomorrow," the government said.

As per govt sources, the reduction in excise duty on diesel being double that of petrol are meant as a boost to the farmers during the upcoming Rabi season. States have also been urged to reduce VAT on petrol & diesel to give relief to consumers.

After seven straight days of increase, fuel prices remained constant on Wednesday. The most recent hike, on November 2, pushed the price of petrol in Delhi to an all-time high of Rs 110.04 a litre. On November 3, the pricing remained unchanged. On the day, the price of diesel remained steady at Rs 98.42 per litre.

Petrol and Diesel to get cheaper

A govt release said that in recent months, crude oil prices have witnessed a global upsurge. Consequently, domestic prices of petrol and diesel had increased in recent weeks exerting inflationary pressure. The world has also seen shortages and increased prices of all forms of energy.

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.

The reduction in excise duty on Petrol and Diesel will also boost consumption and keep inflation low, thus helping the poor and middle classes. Today’s decision is expected to further spur the overall economic cycle, the release said.

Driven by the enterprising ability of India’s aspirational population, the Indian economy has witnessed a remarkable turnaround post the COVID-19 induced slowdown. All sectors of the economy – be it manufacturing, services or agriculture – are experiencing significant upward economic activity.

Before the price cut, the Petrol and Diesel prices in different Indian cities currently stand at:

Mumbai

• Petrol - Rs 115.85 per litre (post-cut, provisionally, at Rs 110.85)
• Diesel - Rs 106.62 per litre (post-cut, provisionally, at Rs 96.62)

Delhi

• Petrol - Rs 110.04 per litre (post-cut, provisionally, at Rs 105.04)
• Diesel - Rs 98.42 per litre (post-cut, provisionally, at Rs 88.42)

Chennai

• Petrol - Rs 106.66 per litre (post-cut, provisionally, at Rs 101.66)
• Diesel - Rs 102.59 per litre (post-cut, provisionally, at Rs 92.59)

Kolkata

• Petrol - Rs 110.49 per litre (post-cut, provisionally, at Rs 105.49)
• Diesel - Rs 101.56 per litre (post-cut, provisionally, at Rs 91.56)

Hyderabad

• Petrol - Rs 114.49 per litre (post cut, provisionally, at Rs 109.49)
• Diesel - Rs 107.40 per litre (post cut, provisionally, at Rs 97.40)

Bengaluru

• Petrol - Rs 113.93 per litre (post-cut, provisionally, at Rs 108.93)
• Diesel - Rs 104.50 per litre (post-cut, provisionally, at Rs 94.50)

Bhopal

• Petrol - Rs 118.81 per litre (post-cut, provisionally, at Rs 113.81)
• Diesel - Rs 107.90 per litre (post-cut, provisionally, at Rs 97.90)

Guwahati

• Petrol - Rs 106.09 per litre (post-cut, provisionally, at Rs 101.09)
• Diesel - Rs 98.36 per litre (post-cut, provisionally, at Rs 88.36)

Lucknow

• Petrol - Rs 106.96 per litre (post-cut, provisionally, at Rs 101.96)
• Diesel - Rs 98.91 per litre (post-cut, provisionally, at Rs 88.91)

Gandhinagar

• Petrol - Rs 106.88 per litre (post-cut, provisionally, at Rs 101.88)
• Diesel - Rs 106.33 per litre (post-cut, provisionally, at Rs 96.33)

Thiruvananthapuram

• Petrol - Rs 112.42 per litre (post-cut, provisionally, at Rs 107.42)
• Diesel - Rs 105.85 per litre (post-cut, provisionally, at Rs 95.85)