Petrol, Diesel Prices Today: Fuel rates remained unchanged across metro cities on Monday, March 14, 2022. The prices have remained static for over four months despite international crude oil prices having risen to more than $100 a barrel as major crude producers pledged to plug the supply gap from the escalating Russia-Ukraine conflict.
In Delhi, fuel is relatively cheaper than the rest of the metros because the state government had earlier decided to reduce the Value-Added Tax (VAT) on petrol, bringing down the price of the fuel in the city by about Rs 8 per litre.
At a cabinet meeting chaired by Chief Minister Arvind Kejriwal, it was decided that the VAT on petrol will be reduced from the present 30 per cent to 19.4 per cent, leading to a cut of around Rs 8 per litre, officials said.
Earlier, the petrol price in Delhi was higher as compared to the NCR cities in Uttar Pradesh and Haryana, where the state governments had announced a VAT cut following the Centre reducing the excise duty on fuel prices.
The Centre had on the eve of Diwali, announced an excise duty cut on fuels resulting in a sharp decrease in petrol and diesel prices across the country. The government had cut the price of petrol by Rs 5 and that of diesel by Rs 10. Following this decision, several states, mostly ruled by National Democratic Alliance (NDA) and allies have also cut the Value Added Tax (VAT) on petrol and diesel prices.
Opposition-ruled Punjab and Rajasthan also followed the cue to announce the biggest reduction in petrol prices. Petrol price in Punjab was further reduced by as much as Rs 16.02 per litre and diesel by Rs 19.61 a litre as a result of the combined impact of the excise duty and VAT cut, according to price lists shared by state-owned fuel retailers. VAT on petrol price was cut by Rs 11.02 while that in diesel was cut by Rs 6.77 in the state. In Ladakh, diesel saw the most reduction as rates have come down by Rs 9.52 per litre. This is because of a cut in VAT on top of Rs 10 a litre fall in excise duty.
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