Releasing their budget for the year, Punjab government announced a decrease in the price of petrol and diesel by Rs. 5 and Rs. 1 respectively. Keeping in mind the problems arising to common man due to hike in the price of fuel, the government has given good news to layman by considering the price cut in their budget.
The Budget promised to rationalise the VAT rates on petroleum products in line with neighboring states. This parity in VAT rates will bring relief to consumers.
Punjab imposes second highest tax on petrol after Maharashtra.
The difference between petrol and diesel price in Chandigarh and Punjab is around Rs 9 per litre and over Rs 2 per litre, respectively.
The fuel pump owners had pitched for uniformity in taxes on petroleum products in the northern region.
Earlier, the government had deferred its decision on reduction of fuel prices. Other states should also take inspiration from the decision and should take steps to tackle the price hike in petrol and diesel.