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Petrol & Diesel Prices In Delhi Increased To Improve State Revenue: VAT On Fuel Increased To 30%
The Delhi Government has hiked the fuel prices in the country capital, effective from the 5th of May 2020. Petrol prices in Delhi have been increased by Rs 1.6 and now costs Rs 71.26 per litre. Similarly, diesel prices have increased by Rs 7.10 and now costs Rs 69.29 per litre.
The Delhi government has increased the Value-Added-Tax (VAT) on fuel prices to 30 per cent for each. VAT on petrol has increased by 3% from the previous 27 per cent. VAT on diesel, however, has almost doubled from the previous 16.75 per cent to the new 30 per cent — check the fuel prices of your city here.
The hike in petrol and diesel prices comes soon after the Delhi government imposed a ‘Special Corona Fee' of 70% on the sale of liquor in the city. The reason for the massive hike as per the government's plan to boost the state revenue. The Delhi government suffered a massive hit during the COVID-19 lockdown.
According to reports, the demand for auto fuels (petrol & diesel) fell by a massive 70% during the lockdown period. The lockdown which began on the 24th of March 2020, has now been extended until the 17th of May.
However, reports did suggest that demand for fuel did begin to increase in the last 10 days of April. Also, starting from the 5th of May, with lockdown regulations relaxed in many parts of the country, there could be a greater increase in demand as well.
The country first entered lockdown on the 24th of March, which was supposed to end on the 14th of April. However, with coronavirus cases still on the rise, the central government was forced to extend the lockdown until the 3rd of May.
The government did further extend the lockdown until the 17th of May, 2020. However, they did divide the country into three zones, with certain lockdown regulation relaxations permitted in the green and orange zones.
The central government has also allowed multiple industries to restart production operations. This includes most vehicle manufacturers as well. Companies like Maruti Suzuki, Hyundai, TVS, Hero MotoCorp, Toyota, Honda, Bajaj Auto have all announced the start of production across India.
However, companies are ensuring all safety measures and social distancing norms are being followed. Many companies have also asked only essential staff to return to work, while most others continue to work from home.
Thoughts About The Petrol & Diesel Price Hike In Delhi
With the extended lockdown period in India due to the COVID-19 pandemic, the Indian economy has suffered a massive hit, with all businesses and operations being shutdown. States are now slowly opening various businesses to rebuild the economy for both the state and centre.
