<h1>Gujarat Cuts VAT on Petrol and Diesel by 4%, Slashing Prices Ahead of Diwali and Elections.</h1> The Gujarat government has announced a 4% reduction in value added tax (VAT) on petrol and diesel, effective from midnight, resulting in price decreases of Rs. 2.93 per litre for petrol and Rs. 2.72 per litre for diesel. This decision, made ahead of the Diwali festival and upcoming Assembly elections, will reduce petrol prices to Rs. 66.53 per litre and diesel to Rs. 60.77 per litre in the state. The move is expected to cause an annual revenue loss of Rs. 2,316 crore for the state. This follows the central government's recent reduction of excise duty on these fuels by Rs. 2 per litre.