Delhi: Petrol and Diesel prices faced a big hike after increased VAT

Yashshvi

After being stable for 50 days, the prices of petrol and diesel got increased in Delhi. The price of diesel went up by Rs 7.10 a liter and petrol went up by Rs 1.67 a liter. Both the prices of diesel and petrol got increased because the government of Delhi increased the Value Added Tax (VAT) on both the fuels.

After increasing the VAT on both fuels, the price of petrol rose up to ₹71.26 which was earlier ₹69.59 per liter. Whereas the price of diesel rose up to ₹69.39 per liter against ₹62.29. It was noted that the VAT on petrol has increased from 30% to 27% whereas VAT on diesel doubled from 16.75% to 30%. Ergo, this is a great change in the prices of both the fuels and these are the decisions made by the Delhi government Mr. Arvind Kejriwal.

Due to this pandemic outbreak of coronavirus, several states are increasing the VAT in the fuels. All the states are facing massive revenue losses just because of this lockdown which has been extended for the second time again. In the state of Haryana also the government has hiked up the tax by 1Rs. Liter on petrol and 1.1Rs. Liter on diesel. In Chennai also, the price of both the fuels went up, the petrol price increased by 3.25 Rs. Per liter and diesel went up by 2.50 Rs. Per liter. All the states are facing this issue of revenue losses. Moreover, the rates of crude oil have also plummeted more than 60% still the state-run fuel retailers are not able to cut prices in the Indian market due to the losses and falling demand.

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