Petrol rates reduces in Delhi by ₹ 8, Effective from midnight

On Wednesday, the Delhi government has announced to reduce the value-added tax (VAT) on petrol from 30 per cent to 19.40 per cent. With this, petrol rates will be reduced by ₹ 8 per litre in the national capital. The new prices will be effective from midnight today. 

News agency ANI shared the information on Twitter. It wrote, "Delhi Govt reduces VAT on petrol to 19.40% from 30%, petrol price to reduce by Rs 8 per litre, new rates to come in to effect from midnight today." 

Meanwhile, fuel prices were kept unchanged for 27 consecutive days. Earlier on November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels.

In Delhi, petrol is currently selling for ₹ 103.97 whereas diesel price is standing at ₹ 86.67, according to Indian Oil Corporation. In Mumbai, petrol is retailing at ₹ 109.98 per litre whereas diesel is selling at ₹ 94.14 per litre.

State-run oil companies such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum review the fuel rates daily on a regular basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates.

Earlier, as a gift of Diwali to the countrymen, the Central government had announced to reduce excise duty on petrol and diesel. Due to which the prices of petrol and diesel were reduced by Rs 5 and Rs 10 in many states. After this decision of the central government, many states and union territories have also given relief to the public by cutting VAT. Now, the Delhi government has also given great relief to the people of Delhi by reducing VAT.