New Delhi/UNI: Petrol and diesel prices dropped sharply on Thursday after the central government slashed the excise duty on petrol and diesel by Rs five and ten respectively.
After the excise duty was cut by the Centre, many Bharatiya Janata Party (BJP)-ruled states also announced to reduce Value Added Tax (VAT) on petrol and diesel, providing relief to common people.
Post reduction in excise duty, a litre of petrol costs Rs 103.97 in New Delhi, Rs 104.67 in Kolkata, Rs 109.98 in Mumbai and Rs 101.40 in Chennai.
Similarly, a litre of diesel was available at Rs 86.67 in New Delhi, Rs 94.14 in Mumbai, Rs 89.79 in Kolkata and Rs 91.43 in Chennai.
Prices of diesel and petrol were rising for the last few days across the country, breaching all previous records but the Centre's announcement to cut the excise duties gave relief to people using the two motor fuels.