UP Govt Hikes VAT On Petrol By Rs. 2/litre, Rs. 1/litre On Diesel

UP Govt Hikes VAT On Petrol By Rs. 2/litre, Rs. 1/litre On Diesel

On Wednesday, the government of Uttar Pradesh had approved for a hike in the prices of petrol and diesel.

After the state cabinet meeting, the finance minister of Uttar Pradesh Suresh Khanna, while briefing reporters said that the Uttar Pradesh government has increased the price of petrol by Rs 2 per litre, and that of diesel by Rs 1 per litre.

Centre hikes fuel excise duty on petrol, diesel.

He further added that from now onwards the cost of petrol in Uttar Pradesh will be Rupees 73.91 per litre, and the cost of diesel per litre will be Rupees 63.86. He informed us that this hiked price will be in effect right from midnight.

The move follows the Centre’s decision on Tuesday to increase excise duty on petrol by a record Rs 10 per litre and Rs 13 per litre for diesel. The hike, however, did not push up fuel prices as global oil prices have dropped to a nearly two-decade low.

A gain close to Rs 1.6 lakh crore will be gained in total revenues by the cash-strapped government in this fiscal from a record increase in excise duty on petrol and diesel.

UP Govt Hikes VAT On Petrol By Rs. 2/litre, Rs. 1/litre On Diesel

Khanna said that the price of domestic liquor had been increased by 5 rupees, So, the liquor which used to be of Rs 65 will now be sold for Rs 70. The bottle of Rs 75 would now cost Rs 80.
He further said that a liquor bottle of 180 ml a 10 Rs. the hike has been there. Bottles that are in the range of 180 ml to 500 ml will now cost Rs 20 more, and the price of the bottles of 500 ml or more has been increased by Rs 30, he added.

Despite there is a fall in the value of crude oil, the government has raised the prices of petrol and diesel.

The price of crude oil has been severely affected due to the lockdown imposed. This lockdown is because of the COVID-19, a disease spread by the coronavirus.

The finance minister defending the hike said that the government was facing an acute finance shortage to meet the obligations and in the first month of April in the new financial year against the target revenue collection of Rs. 12,141 crores, the collection was just Rs. 1178 crores.

With this hike, the government is said to have an additional revenue of Rs. 2070 crores.

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