Fuel prices: Petrol priced at Rs 97.01, diesel Rs 88.27 in Delhi on March 24, 2022

Petrol and diesel prices remained unchanged on Wednesday after two days of the consecutive hike, by 80 paise per litre.  Petrol in Delhi will now cost Rs 97.01 per litre, up from Rs 96.21, while diesel prices will rise from Rs 87.47 to Rs 88.27. 

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In the month of December 2021, the Delhi government 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. The decision was taken in a meeting of the Delhi cabinet chaired by Chief Minister Arvind Kejriwal. 

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Petrol and diesel prices fell dramatically in numerous states in the month of November 2021, as additional states announced Value-Added Tax (VAT) cuts in response to the Centre’s decision to reduce fuel excise tax.

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Petrol and diesel prices in Mumbai, the country’s financial hub, have risen to Rs 111.58 a litre and Rs 95.74 a litre, respectively. In Kolkata, petrol and diesel cost Rs 106.31 and Rs 91.42, respectively, and Rs 102.96 and Rs 92.99 in Chennai.  

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Diesel prices had dropped significantly as a result of the Centre’s and states’ tax reduction. The Centre’s cut in excise tax, followed by reductions in VAT in various states, has resulted in a dramatic decline in petrol and diesel rates after they had hit an all-time high.

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It should be mentioned that the national government declared an excise duty drop of Rs 5 per litre for petrol and Rs 10 per litre for diesel on the eve of Diwali 2021.

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Following the Centre’s decision, various states, including Odisha, Arunachal Pradesh, Madhya Pradesh, Nagaland, Himachal Pradesh, Karnataka, Mizoram, Haryana, Uttar Pradesh, Gujarat, and Bihar, have reduced VAT on fuel prices. VAT has also been reduced in three Union Territories: Puducherry, Jammu & Kashmir, and Chandigarh.