With the sudden shoot up of petrol price last week, rising over Rs 7.5 rupees per litre, it was foreseen that there would be a gradual decrement. And here it is – the government of New Delhi has announced a price cut of Rs 1.26 per litre of petrol.
The drop in price of fuel is owing to the slash in VAT applied on fuel. While India is still nursing the effect of petrol price rise of Rs 7.5 past week, Delhi Chief Minister Sheila Dikshit laid easy 20 percent VAT on the revised price of petrol. The Chief Minister made this announcement while presenting the budget in Assembly.
To cushion the effects of depreciating rupee value relative to US dollar, the Indian government announced the steepest petrol price revision in history. Apart from the protests seen from the common man, even huge tax payers have shown their revolt against the revised price.
In March, Goa slashed the VAT on petrol to 0.1 percent; in effect, the petrol price per litre came down by Rs 11. After the ease on VAT, per litre petrol in Delhi pegs Rs 71.93 coming in effect from June1. This means Delhi saves nearly Rs 600 on a full tank of car, in comparison to Maharashtra.
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