The revised rates will be applicable from midnight today, he said.
"The chief minister has approved a proposal to reduce the VAT on petrol and diesel by Rs 2 and Re 1 a litre, respectively. This is our Diwali gift to the masses," Mungantiwar told PTI.
He said the decision will cause an annual revenue loss of Rs 2,000 crore to the state exchequer.
"The government is ready to bear the additional financial burden despite Maharashtra's economy not being in a good shape," he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)