New Delhi: Petrol in the city could cost Rs 70.24 after implementation of Delhi Government's decision to cut VAT on the increased component of the fuel.
Following the reduction of petrol prices by Rs 2.02 from Rs 73.18, the fuel would cost Rs 71.16 per litre from midnight on Sunday night which could further go down by 92 paisa when cut in VAT comes into effect.
Presenting the budget on Monday last, Chief Minister Sheila Dikshit had announced slashing the VAT on the hiked price of petrol.
The budget will be taken up for passage on Monday and once proposal is cleared, the government would issue a notification effecting the cut in prices.
As per the earlier calculation, forgoing the VAT on increased price of petrol would have resulted in a cut in petrol price by Rs 1.26.
But after the cut in petrol prices by Rs 1.68 by Oil companies, the reduction in VAT on per litre of petrol would be 92 paisa.
In her budget speech, Chief Minister Sheila Dikshit had said that the price of petrol in Delhi is the lowest among all the metro cities and lower compared to the price in neighbouring cities of Haryana and Uttar Pradesh.
"I have deeply considered the matter and am of the view that the citizens of Delhi need to be provided some relief," she had said.
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