OIL & GAS

Petrol, diesel prices spike as Delhi government increases VAT

Petrol and diesel prices in New Delhi were hiked by Rs 1.67 and Rs 7.10 per litre on Tuesday as the state government implemented a steep hike in Value Added Tax (VAT) on both the fuels.

Price of diesel witnessed the steepest hike with the state government increasing the VAT on the fuel to 30 per cent from 16.75 per cent earlier.

Diesel prices in New Delhi increased to Rs 69.39 per litre on Tuesday from Rs 62.29 per litre on Monday. While, VAT on petrol was hiked to 30 per cent from 27 per cent earlier, leading to an increase in the retail price of the fuel to Rs 71.26 per litre.

The gap between the prices of petrol and diesel narrowed to approximately Rs 2 per litre on Tuesday, as compared to Rs 7 per litre on Monday.

Source
ET Energy World
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