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Petrol and Diesel prices to reduce by upto Rs 2.60

The Maharashtra government has announced a reduction in fuel taxes within the Mumbai Metropolitan Region (MMR) as part of the state Budget 2024. Deputy Chief Minister and Finance Minister Ajit Pawar revealed that the Value Added Tax (VAT) on fuel will be lowered, leading to a price decrease of 65 paise per litre for petrol and ₹2.60 per litre for diesel, effective from July 1, 2024. This reduction will apply to the municipal areas of Brihanmumbai, Thane, and Navi Mumbai. Pawar specified that the diesel tax is being reduced from 24% to 21%, while the petrol tax will drop from 26% to 25%.

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This VAT reduction is expected to cost the state exchequer around ₹200 crore. However, fuel prices in other parts of Maharashtra will remain unchanged. This move offers significant relief for vehicle owners in Mumbai, ahead of the state legislative assembly elections later this year. Contrarily, states like Karnataka and Goa have recently increased their fuel prices, with significant hikes in both petrol and diesel costs.