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The Maharashtra government reduced petrol and diesel prices by Rs 2 and Rs 1 respectively LATEST NEWS : A week after Petroleum Minister Dharmendra Pradhan urged the state governments to cut the value added tax or VAT on petrol and diesel, two BJP-ruled states Gujarat and Maharashtra have today slashed the VAT on fuel. The Gujarat government on Tuesday announced a 4 per cent cut in VAT on petrol and diesel, effective from midnight, to bring down fuel prices in the state. The Maharashtra government reduced petrol and diesel prices by Rs 2 and Rs 1 respectively. Making the announcement, Chief Minister Vijay Rupani told the media that with the reduction in VAT, petrol price will be reduced by Rs 2.93 a litre and that of diesel by Rs 2.72 a litre. "The decision will provide a big relief to the middle class during Diwali festival and vacation," he said. (Click here to read the entire report) The move comes after Maharashtra had increased to 47 per cen...

Daily price change will remove big leaps in rates that need to be effected at end of fortnight Come May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets. State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country. "Ultimately, we will be driving towards market linked rates on a daily basis at all pumps across the country," IOC Chairman B Ashok told PTI. ALSO READ: Petrol, diesel prices to be revised daily in 5 cities from May 1: Sources A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh, he said...