Petrol prices slashed by INR 2 and diesel by INR 1 will be effective from midnight on Tuesday according to cabinet minister of finance Sudhir Mungantiwar.
Petrol and diesel prices have dropped in the international market and the central government has decided to slash prices.
According to the central government, the state government should take a final call on the change in prices.
Accordingly, Gujarat has reduced petrol and diesel rates for the first time. Now after the cabinet meeting on Tuesday, the reduction in the VAT on petrol and diesel has reduced the prices.
In Mumbai, Thane and Navi Mumbai, 26 per cent VAT in levied on petrol while 24 per cent on diesel. Hence, petrol and diesel are the most expensive in Mumbai.
Due to price cuts, the government will lose out on INR 2,600 Cr revenue.
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