E20 blended petrol to be introduced in 2023. In the transitional period, even 10% ethanol-blended fuel will be available but at different petrol pumps
The move would also increase the revenue of both the Centre and states, Union Minister Nitin Gadkari said on Wednesday
The price hike was approved for 2021-22 marketing year starting December as part of the government's target to achieve 20 per cent doping by 2025
After big cuts in petrol and diesel prices following the Centre and states reducing taxes, fuel prices have remained unchanged
Days after Centre reduced excise duty on fuel, the Congress-led government in Punjab on Sunday lowered the VAT on petrol and diesel making them cheaper by Rs 10 per litre and Rs 5 per litre in state.
The retail price of petrol and diesel is decided after adding central excise, commission paid to dealers and value-added tax (VAT) to basic oil prices
The central government reduced excise duty on petrol by Rs 5 and on diesel by Rs 10, and some BJP-ruled states have reduced VAT on the fuels this week
With the Centre slashing excise duty on petrol and diesel, the Chandigarh Administration has also announced a reduction of Rs 7 per litre in VAT on fuels making them cheaper in the Union Territory.
With revenues set to exceed the annual target by Rs 2 trillion, a softer revenue loss that boosts consumption will provide immense relief, especially to lower income households
The state government in a release claimed that Karnataka is the first state to reduce sales tax on petrol and diesel
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The Union home minister on Thursday lauded Modi's decision regarding the excise duty on fuel
The Centre had, on Wednesday, made petrol and diesel cheaper by Rs 5 and Rs 10 per litre respectively
A cut in excise duty on petrol and diesel and the ensuing drop in retail selling price of these auto fuels should also help address inflation concerns to some extent, analysts said
Prices differ from state to state, depending on the incidence of local taxes and cost of transportation.
With a hike of 35 paise a litre, the price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre. The price of diesel also saw a hike by 35 paise and took the fuel's rate to Rs 98.07
As for Kolkata, the price of petrol is Rs 109.02 per litre, while diesel is Rs 100.49 per litre. In Chennai, petrol and diesel cost Rs 105.43 and Rs 101.59 per litre respectively.
LPG rates were last hiked by Rs 15 per cylinder on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder
Petrol and diesel prices were hiked for the fourth consecutive day on Saturday
Petrol and diesel prices on Thursday were hiked by 35 paise per litre each