New Delhi: The petrol price in the national capital has been slashed by Rs 8 per litre after the government here on Wednesday reduced value-added tax (VAT) on petrol to 19.40 per cent from 30 per cent.
The new prices will be effective from midnight today.
Earlier on November 4, the government had slashed excise duty on petrol and diesel to bring rates slightly down from the record-high levels.
State-run oil refiners such as Indian Oil, Bharat Petroleum, and Hindustan Petroleum revise the fuel rates on a daily basis, by taking into account the crude oil prices in the international markets, and the rupee-dollar exchange rates.
Globally, oil prices rose more than 2 per cent, recouping some of the steep losses from the previous session, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant.
