Singh pointed out the price data comparison between the current and last year's figures and indicated that even though the taxes had been increased
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On Tuesday, Uttar Pradesh minister Siddharth Nath Singh affirmed that the Uttar Pradesh government is tax-neutral towards petrol and diesel prices and the recent increase in VAT on these commodities would not drastically affect the oil prices in the state.
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Singh said that the government is tax-neutral towards petrol and diesel prices. He further said that when oil prices increase in the international market, the Value Added Tax (VAT) decreases. Similarly, when prices in the international market decrease, the VAT increases. This is what the Yogi Adityanath government did. The Opposition is raising the issue without knowing the crux of the matter, Singh said.
The Uttar Pradesh minister pointed out that the price data comparison between the current and last year's figures of petrol and diesel prices. He indicated that even though the taxes had been increased, oil prices are Rs 10 below last years as a result of the tax-neutral policy on these commodities.
Singh said that in October 2018, when the VAT was decreased during that time the petrol price was Rs 83.35 per litre and diesel price was Rs 75.64 per litre. But today, when the VAT amount has been increased, the prices of petrol and diesel Rs 73.65 and Rs 65.35 per litre respectively.
Also Read: A day after tax revision, fuel prices hiked by over Rs 2
Singh also said that even today the prices of petrol and diesel prices are around Rs 10 below last year's mark, He further said that there would be no effect on inflation and the common people would not be affected by this move.
With inputs from ANI
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