Maharashtra reduces prices of petrol by Rs. 5, diesel by Rs. 3
Mumbai/IBNS: In a key decision taken by the new Maharashtra cabinet, the prices of petrol and diesel are reduced by Rs. 5 and Rs. 3 per litre respectively, media reports said.
Maharashtra Chief Minister Eknath Shinde Thursday said the reduction in Value Added Tax or VAT will cost Rs. 6,000 per year.
The cut will, however, bring down the overall inflation, the Chief Minister added.
Shinde's deputy Devendra Fadnavis said the decision to reduce the VAT is a part of the Bharatiya Janata Party (BJP)-Shiv Sena government's commitment towards the people of the western state.
Shinde became the Chief Minister a couple of weeks ago after he revolted against Shiv Sena chief Uddhav Thackeray leading to the collapse of the Maha Vikas Aghadi government, which comprised the National Congress Party (NCP) and Congress.
Shinde's faction joined hands with the single largest party BJP to form the new government.