Odisha Chief Minister Naveen Patnaik today announced reduction of VAT on petrol and diesel by Rs 3 per litre which will be applicable from midnight of November 5.
This is over and above the reduction in excise duty announced by the Centre.
The Centre has reduced the duty by Rs 5 for petrol and Rs 10 for diesel from November 4.
In view of the reduction of VAT and central excise duty, the loss of revenue to the state exchequer will be to the tune of Rs 2,000 crore per annum, official sources said.
Today, petrol is being sold at a rate of Rs 104.91 per litre and diesel at Rs 94.51 per litre in Odisha’s capital city Bhubaneswar.