The Maharashtra government on Thursday reduced value added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel, a move that will cost the state exchequer Rs 6,000 crore on an annual basis. The decision on reducing the VAT has been taken at a meeting of the Cabinet under newly-appointed chief minister Eknath Shinde. Sources in the oil marketing companies (OMCs) said that they are yet to receive any notification from the state government in this regard as yet. At retail outlets, fuel prices are generally revised in the morning. The prices of …
