Fuel Price Hike In Punjab: Petrol up 92 paise, Diesel up 88 paise

Fuel Price Hike In Punjab: The price of petrol has risen by 92 paise and diesel by 88 paise. This update has been communicated through a notification from the Taxation Department. The state government has implemented an increase of about one rupee in the prices of petrol and diesel. 

Fuel Price Surge: In Punjab, the cost of petrol has escalated by 92 paise, while diesel prices have risen by 88 paise. The Taxation Department has officially notified this increase. Surprisingly, despite indications from Union Petroleum Minister Hardeep Puri and petroleum companies about potential price reductions, the Punjab government has decided to raise the prices of petrol and diesel. Consequently, the state government has implemented an increment of approximately one rupee on both fuels, which will take effect from midnight.

An increment of around 1.8 per cent

The state government has chosen to raise the VAT rate on petrol by approximately 1.8%. As a result, the cost of petrol has surged by 92 paise per litre. Similarly, due to a 1.13% increase in the VAT rate on diesel, its price has soared by 90 paise per litre. These rates incorporate a 10% surcharge. 

Unfortunately, if petroleum companies reduce prices in the upcoming days, the people of Punjab will not experience significant benefits from the decision.

Petrol now costs Rs 96.19 paise in Chandigarh

Following the VAT hike imposed by the state government, the previous cost of petrol, which stood at Rs. 98.3 in Punjab, has now climbed to Rs 98.95. Likewise, the price of diesel, previously available at Rs 88.35, has risen to Rs 89.25. Presently, in Haryana, petrol is priced at Rs 97.82, and diesel costs Rs. 90.53. Meanwhile, in Chandigarh, petrol can be bought for 96.19 paise.

Congress govt had reduced VAT

It is worth noting that the previous Congress government led by Charanjit Singh Channi had lowered the VAT rates on petrol and diesel. Subsequently, the price of petrol per litre was reduced by Rs 10, while diesel witnessed a reduction of Rs 5 per litre. During that period, a VAT of 9.92% was applied to diesel, and petrol attracted a VAT of 13.77%. Channi asserted that petrol and diesel prices had never been this low in Punjab over the past 70 years. He emphasized that a simultaneous reduction of Rs 10 had never occurred before.