Petrol and diesel prices in india witnessed a considerable mark-up today, May 27, 2020, on the back of the delhi government’s decision to hike tax rates levied on fuel. petrol prices climbed to Rs 71.26 per litre from Rs 69.59 per litre on May 4 (an increase of Rs 1.67 per litre) and diesel prices jumped to Rs 69.39 per litre from Rs 62.29 per litre the previous day (a significant markup of Rs 7.10 per litre).
According to a PTI report, the arvind kejriwal government recently hiked the local sales tax or the value added tax (VAT) component of motor fuels. The revised tax rate stands at 30 percent for petrol from the earlier 27 percent, while diesel now attracts almost twice the duty 30 percent compared to 16.75 percent before. As a result, VAT makes up for a substantial Rs 16.44 per litre of petrol prices
