Taking cue from Centre, Karnataka govt reduce VAT on petrol and diesel

Bengaluru: Taking a cue from the Centre, the Karnataka government also reduced the Value Added Tax on petrol and diesel on Wednesday, November 3.

“Our PM Shri @narendramodi ji has given the nation a wonderful Deepawali gift by reducing the burden of fuel prices. To add to this festive spirit, Karnataka Government too will reduce Rs 7 on both petrol and diesel prices from tomorrow evening,” Karnataka CM Basavaraj Bommai said in a tweet on Wednesday.

He added that petrol will cost an estimated Rs 95.50 per litre in the state and diesel Rs 81.50 per litre.

“Even though, it will mean a loss of rs 2100 crore to our exchequer, it will bring down the prices for our citizens to 95.90 & 81.50 (Approx.) for Petrol and Diesel respectively. Wishing all a very #HappyDeepavali with this good news once again,” he added.

Earlier in the day, the central government slashed the price of petrol by Rs 5 and diesel by Rs 10 by reducing the excise duty levied on petroleum products.