Published On: Thu, Jul 16th, 2015

Petrol, Diesel prices slashed in India, no respite for Delhites as AAP increases VAT

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While the rest of the nation enjoys a 2 Rs reduction in Petrol and Diesel price, for the people of New Delhi it was hardly a good news as the Aam Aadmi Party decided to increase the VAT levied on petrol and diesel. It is the first hike in Value Added Tax effected by Aam Aadmi Party government since capturing power in Delhi.“The VAT rate on petrol has been increased from 20% to 25% and on diesel from 12.5% to 16.6%, thereby resulting increase in the price of petrol by Rs 2.78 per litre (approx.) and in the price of diesel Rs 1.83 per litre,” government said in a statement.

Oil marketer Indian Oil Corp on Wednesday cut petrol and diesel prices each by Rs 2.per litre effective midnight, following a fall in international crude oil prices consequent to the Iran nuclear deal.“Since last price change, there has been a decrease in international prices of both petrol and diesel. INR-USD exchange rate has also appreciated during this period. Combined impacts of both these factors warrant the said downward revisions,” read an IOC statement.

After the increase in retail prices of petrol and diesel in Delhi, the retail price for petrol will be Rs 69.43 per ltr. (approx.) and the same for diesel will be Rs 52.07 per ltr.(approx.).

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