Big relief for Delhi as state govt slashes petrol price by Rs 8 per litre
The new rates would come in to effect from midnight. Following the new price decrease, a litre of fuel in the national capital would cost little more than Rs 95.
FollowIn a big relief, the Delhi government on Wednesday announced that it has slashed the VAT on petrol to 19.40 per cent from 30 per cent. The petrol price would reduce by Rs 8 per litre and the new rates would come in to effect from midnight. Following the new price decrease, a litre of fuel in the national capital would cost little more than Rs 95.
The Delhi government's action follows the national government's reduction in excise duty on petrol and diesel last month in an effort to bring assistance to residents. This would also make Delhi's petrol prices the lowest in the National Capital Region. The price of petrol in Delhi was greater than in the NCR cities of Uttar Pradesh and Haryana, where the state governments announced a VAT drop in response to the Centre lowering the excise tax on gasoline prices.
Meanwhile, fuel costs have remained steady for the past 27 days. Earlier on November 4, the government lowered excise tax on gasoline and diesel, bringing rates back down from record highs. Since then, numerous states, primarily those run by the Bharatiya Janata Party and its allies, have reduced VAT on fuel and diesel to give some relief to citizens. In Delhi, the price of petrol stood at Rs 103.97 per litre, while diesel is Rs 86.67 per litre. Similarly, diesel and petrol in Mumbai cost Rs 94.14 and Rs 109.98, respectively. This is the most of any metropolitan city.
Daily fuel tariffs are revised by state-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum. They take into consideration worldwide crude oil prices as well as rupee-dollar exchange rates.
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