By a staff reporter: Petrol and diesel prices saw a huge tax cut following a reduction in excise duty by the central government. The total incidence of tax on petrol came down by 50 per cent, while that of diesel reduced to 40 per cent, following the move. The total incidence of tax on petrol and diesel came down by a slightly higher proportion as several states decided to cut Value Added Tax (VAT) or local taxes. On Monday, November 7, petrol and diesel prices however remained unchanged as per a notification by oil marketing companies across India.
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