Odisha has seen a fall in petrol and diesel prices from today after the recent tax cuts announced by the Centre and the State government. The capital city of Bhubaneswar recorded petrol price of Rs 101.81 today, while in Cuttack it was at Rs 102.17.
Rate cuts are applicable across other cities and towns of Odisha as well. Given below is a detailed list of today’s petrol and diesel prices across the state:
The decrease in prices is a result of the Centre and State government announcing cuts in Excise duty and value-added tax (VAT), respectively. On November 3, the Centre announced a reduction in excise duty by Rs 5 per litre on petrol and Rs 10 per litre on diesel.
This was followed by a similar announcement made by the state government a day later. Odisha decided to slash VAT by Rs 3 per litre on both petrol and diesel, applicable from midnight of November 5.
Notably, the state government will incur a loss of VAT revenue worth around Rs 1400 crore per annum as a result of this cut. This is over and above the anticipated loss in VAT collection to the tune of Rs 1.6 per litre on petrol and Rs 2.8 per litre on diesel – estimated at Rs 700 crore – which the state is likely to incur due to the reduction in excise duty announced by the Centre.