Due to a higher VAT or value added tax, the price of diesel is at lifetime high in Delhi
Petrol and diesel prices were left unchanged for the third straight day
NEW DELHI :
After the petrol price was increased by ₹9.17 a litre and that of diesel by ₹11.14 a litre in just about 3 weeks, fuel rates were today left unchanged. Today is the third day when state-run oil marketing companies chose not to revise prices. Based on a complex algorithm comprising forex rates and the international benchmark rates of the two fuels, petrol and diesel prices are revised on a daily basis.
Due to a higher VAT or value added tax, the price of diesel is at lifetime high in Delhi. Petrol rates are at an 19-month high all over India. Besides the Congress, various political parties are now demanding a rollback of the fuel price hike. The demand for inclusion of the two fuels in goods and services tax (GST) has also increased. Recently, industry body Assocham's Secretary General Deepak Sood said states must be brought on board for inclusion of petroleum products under the ambit of GST.
In the meantime, India’s overall petroleum products consumption, which had nosedived in last week of March and April this year, is now steadily getting to pre-lockdown levels. Last month, petrol consumption reached to 85% of last year's level and diesel reached to 82% compared to last year's level.
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