Delhi petrol prices reduced by ₹ 8 Liter The Delhi government

 

Delhi petrol prices reduced by ₹ 8 Liter

The Delhi government on Wednesday reduced value-added tax (VAT) on petrol to 19.40 percent from 30 percent. After the reduction, petrol prices will be reduced by ₹ 8 liters in the national capital. New prices will take effect from midnight today.

New DelHI: Delhi government on Wednesday reduced value-added tax (VAT) on petrol to 19.40 percent from 30 percent.

 

After the reduction, petrol prices will be reduced by ₹ 8 liters in the national capital. New prices will take effect from midnight today.

 

Meanwhile, petrol prices have remained unchanged for 27 consecutive days. Earlier on November 4, the government reduced petrol and diesel taxes to lower prices to very high levels.

 

In Delhi, petrol currently sells for ₹ 103.97; while the diesel level stands at R86.67, according to Indian Oil Corporation. In Mumbai, petrol sells for ₹ 109.98 liters; while diesel sells for ₹ 94.14 liters.

 

Among the major cities, petrol prices are very high in Mumbai. Rates vary across provinces due to value-added tax or VAT.

Government-owned oil refineries such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum review petrol prices daily, taking into account crude oil prices in international markets, and dollar exchange rates by the rupee.

 

Globally, oil prices rose by more than 2 percent, which reversed some of the major losses of the previous session, as major manufacturers prepared to discuss how they could respond to the threat of fuel shortages from the Omicron range.

 

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Brent crude futures rose $ 1.90, or 2.7 percent, to $ 71.13 a barrel, after falling 3.9 percent on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose $ 1.71, or 2.6 percent, to $ 67.89 a barrel, after falling 5.4 percent on Tuesday.