The Delhi government on Wednesday decided to slash Value-Added Tax (VAT) on petrol from 30% to 19.4%. Petrol prices will be cut by Rs. 8 per liter in the national capital city as a result of the tax reduction. Check out the new rates, here. #PetrolPrice
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The new prices will come into effect from Wednesday midnight. Reduction in petrol prices will come as a big relief for residents in Delhi. Rates of auto fuels like petrol and diesel have touched record highs in recent months in all metro cities across the country.
The announcement comes after a Cabinet meeting chaired by Delhi CM Arvind Kejriwal earlier in the day. Petrol price in Delhi is expected to dip to around Rs. 95 per liter from Rs. 103.97 per liter currently. Meanwhile, diesel rate in the city stands at Rs. 86.67 per liter.
In July last year, the VAT on petrol in Delhi was increased to 30%. In fact, VAT has increased six times in the capital due to several hikes since 2014.
In Mumbai, petrol is being retailed at Rs. 109.98/liter while diesel is available at Rs. 94.14/liter. Prices for petrol and diesel in Chennai stand at Rs. 101.40/liter & Rs. 91.43/liter, respectively. In Kolkata, petrol costs Rs. 104.67/liter & diesel comes at Rs. 89.79/liter.
State-run oil companies like Indian Oil and Bharat Petroleum revise fuel rates on a daily basis, taking into consideration crude oil prices and the rupee-dollar exchange rate. Fuel prices vary across states due to differing VAT rates.
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