Fuel prices lashes down, excise duty decreases
Fuel prices lashes down, excise duty decreases
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Bhubaneswar: Following the excise duty cut announced by the Centre to combat skyrocketing inflation, petrol and diesel prices in Odisha fell dramatically by Rs 9.59 and Rs 7.76 respectively on Sunday, after standing steady for the previous 45 days.
In Bhubaneswar, petrol will cost Rs 103.19 per litre, while diesel will cost Rs 94.76 per litre. In Cuttack, petrol and diesel are priced at Rs 103.28 and Rs 94.84 per litre, respectively. Petrol is priced at Rs 104.38 in Sundargarh, while diesel is priced at Rs 95.93.
Nirmala Sitharaman, the Union Finance Minister, revealed on Saturday that the Centre has decided to lower the central excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre. She stated that the move would lower the price of fuel by Rs 9.5 per litre and diesel by Rs 7.
The state government has made no indication of lowering the VAT on petrol, which is one of Odisha's primary revenue generators. In November 2021, it lowered the VAT by 4% in response to the Centre's move to reduce excise duty. The state, on the other hand, has not reacted to Prime Minister Narendra Modi's proposal for a VAT reduction in April.
The government now charges a 28 percent VAT on gasoline and a 24 percent VAT on diesel.
