Petrol price slashed for around Rs 2 by the oil marketing companies with effect to Saturday night, thanks to the fall in the global crude oil prices. The UPA government was in extreme pressure after they announced a hike of Rs.7.54 in petrol price on 24th May and had to face a lot of criticism from all political parties including allies like the Trinamool Congress and DMK demanding for a rollback.
After the price cut, petrol will cost will cost Rs. 71.18 per litre in Delhi, which is now Rs. 73.18 at present. Mumbai witnessed a price cut by Rs. 2.12 to Rs. 76.45 per litre while in Kolkata it has come down from Rs.77.88 to Rs.75.81, a reduction of Rs.2.07. In Chennai, the price has been down by Rs. 2.13 to Rs. 75.40 a litre.
The state owned oil companies announced a reduction in the petrol prices by Rs. 1.68, excluding local sales tax or value-added tax. In Delhi, the reduction would come to Rs. 2.02, after including a 20 per cent VAT. The price of petrol in the capital is likely to fall by 92 paise further, once the reduction of value added tax (VAT), as promised in the state budget, comes into effect next week.
Petrol is cheapest in Goa, at Rs. 59.51, where VAT has been totally removed by BJP government and costliest in Hyderabad at Rs. 79.17 because of heavy taxes.
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