States can cut petrol price by Rs 3 and diesel by Rs 2 a litre: SBI report
NEW DELHI: States such as Maharashtra, Rajasthan and Gujarat have room to cut diesel price at least by Rs 2 per litre and petrol price by Rs 3 per litre each without impairing their VAT revenue from oil, a report said. According to the State Bank of India (SBI) report, states have gained Rs 49,229 crore from VAT revenue on fuel when oil prices were increasing.
