Punjab government increased VAT on petrol and diesel for the second time this year
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Oil marketing companies last changed the price of petrol and diesel in April last year. In May, the Center reduced excise duty on petrol and diesel. Since then there has been no change in the price of petrol and diesel in the country. Assembly elections are to be held in many states this year and then general elections will be held in the country next year. That’s why it is believed that the price of petrol and diesel may come down in the coming days. Petrol currently costs Rs 96.72 in Delhi and diesel costs Rs 89.62 per litre.
How much has become the price in Punjab
The Punjab government has increased VAT on petrol by 92 paise per liter and diesel by 88 paise. After this hike, the price of petrol in Chandigarh has gone up to Rs 98.65 while diesel will be available for Rs 88.95 a litre. Petrol is costlier in Chandigarh while diesel is cheaper as compared to Delhi. VAT has been increased on petrol and diesel for the second time this year in Punjab. Earlier in February too, VAT on petrol and diesel was increased by 90 paise per litre. The government is expected to earn an additional Rs 600 crore annually from the latest hike.
According to the latest data from the Petroleum Planning and Analysis Cell (PPAC), the consumption of petrol and diesel in the country has increased in May. Diesel consumption has increased by 12.8 per cent over last year and five per cent over the previous month. Diesel accounts for 40 per cent of the total consumption of petroleum products in the country while petrol accounts for about 17 per cent. Petrol consumption in May stood at 3.35 million tonnes, which is 11% higher than last year and 16.4% higher than the previous month.
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