India, May 5 -- In Delhi, petrol prices have gone up by Rs.1.67/litre, whereas diesel prices saw a huge jump of Rs.7.10/litre.
The Delhi government, with immediate effect, has announced a hike on the Value Added Tax (VAT) levied on petrol (from 27% to 30%) & diesel (from 16.75% to 30%). Consequently, a litre of petrol in Delhi now costs Rs.71.26/litre and a litre of diesel will now be sold at Rs.69.39/litre. This news will be particularly hard to digest for the residents of Delhi, keeping in mind that just a few days back, global crude oil prices had fallen below $0/barrel.
The Delhi government officials, including Deputy CM Manish Sisodia, have condoned the move, claiming that the government is operating on virtually empty coffers and, t...