The reduction of fuel prices was announced by several other BJP-ruled states like Uttar Pradesh.

A busy petrol pump with motorists filling petrol and diesel in IndiaPICXY
news Economy Thursday, November 04, 2021 - 10:00

After the Union government cut excise duty on petrol and diesel on Wednesday, November 3, the Karnataka government too announced a slash in prices. The state government will decrease the price of both by an additional Rs 7 per litre. In a series of tweets, Chief Minister Basavaraj Bommai said petrol will now cost approximately Rs 95.90 a litre and diesel Rs 81.5 in Karnataka. He also welcomed the Union government's decision to cut excise duty on petrol and diesel by a record Rs 5 and Rs 10 per litre. The price cut comes after the BJP suffered broad electoral defeats in the recently concluded bye-polls in several states across the country like in Rajasthan and Himachal Pradesh.

"Our PM Shri @narendramodi ji has given the nation a wonderful Deepawali gift by reducing the burden of fuel prices. To add to this festive spirit, Karnataka Government too will reduce Rs 7 on both petrol and diesel prices from tomorrow evening. Even though, it will mean a loss of Rs 2100 crore to our exchequer, it will bring down the prices for our citizens to 95.90 & 81.50 (Approx.) for Petrol and Diesel respectively. Wishing all a very #HappyDeepavali with this good news once again (sic)," the Chief Minister tweeted.

The reduction of fuel prices was announced by several other BJP-ruled states like Uttar Pradesh, Tripura, Assam, Manipur, Gujarat, Himachal Pradesh, Goa and Uttarakhand. These reduction in prices by both the Union and state governments come after the price of petrol and diesel had touched three digit figures for the first time in history.

In a year, the price of both these have increased by Rs 30 over the last year in Bengaluru. While the price of petrol was Rs 84.69 per liter, the price of diesel was Rs 74.63 for every litre on November 4, 2020 and the same for petrol was Rs 83.69.