Petrol price in Delhi hiked by Rs 1.67 per litre, Diesel by Rs 7.10 as Govt raises VAT

Business News, Nation, (New Delhi), May 5:-Petrol price in the national capital was hiked by Rs 1.67 a litre on Tuesday and diesel by a steep Rs 7.10 per litre after the Delhi government raised local sales tax or value-added tax (VAT) on the two fuels.

Petrol in Delhi now costs Rs 71.26 a litre as against Rs 69.59 previously, oil industry sources said. Diesel price has been hiked to Rs 69.39 per litre from Rs 62.29.

This follows Delhi government’s decision to raise VAT on petrol to 30 per cent from 27 per cent, previously. In the case of diesel, VAT has been almost doubled to 30 per cent from 16.75 per cent.

The move to hike fuel prices is expected to boost the government revenue, which has been hit hard due to the coronavirus lockdown, news agency IANS reported quoting Delhi government officials.

After the decision to the raise the prices of the petrol and diesel was announced, Deputy Chief Minister Manish Sisodia, who also holds the portfolio of Finance Minister, wrote on Twitter, “Life isn’t all about rainbows and sunshine. Tough times need Tough solutions – my learning as Finance Minister.”

-(NAV, Inputs: Agencies)

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