"States have the option to reduce VAT," reports said.
Petrol price in Mumbai has been reduced by Rs 2.34 per litre to Rs 71.47 per litre, while in Kolkata the cut is Rs 2.31 to Rs 70.84 a litre. Price in Chennai will come down to Rs 70.38 per litre from Rs 72.72, a decrease of Rs 2.35 per litre.
Minister of State for Petroleum and Natural Gas RPN Singh said that the petrol price rollback was not due to the allies pressure. "It's purely a decision related to oil price deregulation," he said.
The move is expected to douse popular and political anger ahead of the winter session of Parliament, scheduled to begin from November 22.
It must be noted, that the petrol prices have been hiked five times since December 2010.
Petrol in Delhi will cost Rs 66.42 per litre with effect from midnight as against Rs 68.64 a litre now.
The reduction comes days after state-owned oil companies raised petrol prices by a steep Rs 1.80 per litre.
State-owned oil companies passed on Rs 1.85 a litre that they gained from a fall in global oil prices and a marginal appreciation in rupee value. Adding 20 per cent local sales tax, the decrease in Delhi comes to Rs 2.22 per litre.
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