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Diesel run ends in Delhi, now Rs 8.38/l cheaper
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Top Stories |
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SME Times News Bureau | 31 Jul, 2020
Consumers in Delhi have finally heaved a sigh of relief as the price of
diesel fell by Rs 8.38 per litre on Friday. The price cut made diesel
cheaper than petrol after more than a month. It is now cheaper than
petrol in Delhi by the widest margin among all metros.
Diesel is
now priced at Rs 73.56 a litre in the national Capital, down from
Thursday's Rs 81.94 a litre. The fall in the price came about due to
sharp reduction in VAT on diesel by the Delhi Government.
Delhi
was the only major city in the country where diesel prices were higher
than petrol. It first rose above petrol in Delhi last month, much to the
discomfort of the transport sector and the fuel dealers.
The Rs
1.5 a litre differential had led substantial loss of business to pump
operators in Delhi as vehicles were getting diesel filled in
neighbouring Haryana and Uttar Pradesh.
The Delhi cabinet on
Thursday approved VAT cut on diesel from 30 per cent to 16.75 per cent.
The price revision follows changes in the duty structure on the fuel in
Delhi, otherwise the oil marketing companies kept the price of fuel
unchanged.
Even in Delhi, only diesel prices changed while
petrol continues to be priced at Rs 80.43 a litre, the same levels that
is prevailing since June 29.
In other metro cities there has been
no change in retail price of petrol and diesel. While petrol continues
to be priced at Rs 82.10 a litre in Kolkata, diesel prices there also
remained unchanged at Rs 77.04 a litre. In Mumbai, petrol and diesel
prices remain at the same level at Rs 87.19 and 80.11 a litre,
respectively.
Diesel in Delhi became expensive on May 5, when
revenue starved the Delhi government raised VAT on the fuel suddenly
from 16.75 per cent a litre to 30 per cent raising pump prices by Rs
7.10 per litre in one go.
The VAT on petrol was also raised from
27 to 30 per cent that increased its pump prices by marginal Rs 1.67 a
litre then. The present decision of the Delhi government has brought VAT
rates on diesel to the same level that was prevailing before May 5.
Taxes
on fuel is a rich source of revenue for state governments and account
for almost a third of its total tax collections. With GST collections
hit due to the COVID-19 pandemic, taxes on fuel is an easier source to
quickly raise revenue.
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Customs Exchange Rates |
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Import |
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US Dollar
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As on 13 Aug, 2022 |
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