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Goa Announces VAT Increase On Petrol And Diesel, Fuel Prices Climb
The Goa government has increased the Value Added Tax (VAT) on petrol and diesel, effective from Saturday, June 22, 2024. This hike has resulted in petrol prices rising by ₹1 and diesel by 36 paise in the state. The announcement was made by Pranab G Bhat, Under Secretary (Finance) of the state government.
According to the notification, the VAT on petrol has been raised to 21.5 per cent, while the VAT on diesel now stands at 17.5 per cent. Consequently, petrol in Goa is now priced at ₹96.37 per litre, and diesel costs ₹88.14 per litre, as reported by Indian Oil Corporation Ltd.
Impact on Electric Vehicle Owners
Electric vehicle owners in Goa are not exempt from price hikes either. The state government recently increased electricity tariffs earlier this month. The new rates range from ₹0.30 to ₹0.90 more per unit.
As the push for sustainable transportation grows, it is crucial for governments to strike a balance between promoting eco-friendly practices and ensuring affordability for consumers.
Fuel Price Hike in Karnataka
Earlier this month, Karnataka also saw an increase in fuel prices following a revision in sales tax. The state government adjusted the sales tax on petrol to 29.84 per cent and on diesel to 18.44 per cent. This led to petrol prices rising by ₹3 per litre and diesel by ₹3.5 per litre.
As a result, petrol now costs ₹102.84 per litre in Bengaluru, while diesel is priced at ₹88.95 per litre. Reports indicate that vehicle owners living near the border were crossing into Karnataka to refuel after the price hike.
The recent adjustments in fuel prices reflect ongoing changes in tax policies within these states. These hikes will impact daily commuters and businesses reliant on fuel for operations.
As state governments continue to revise sales tax rates, it remains to be seen how these fluctuations will shape consumer behavior and economic activities in the region.
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