Petrol And Diesel Prices Rise In Goa As State Government Increases VAT

The Goa government has increased petrol and diesel prices in the state starting June 22, 2024. The state government issued a notification earlier this week announcing a hike in the Value Added Tax (VAT) levied on petrol and diesel, prompting the price increase on both fuels. Prices have gone up by Rs. 1 per litre on petrol and 36 paise on diesel. 
 

Also read: Karnataka Government Increases Petrol, Diesel Prices By Rs. 3 With Immediate Effect
 

Petrol is now priced at Rs. 96.37 per litre in Panjim, while diesel is priced at Rs. 88.14 per litre. The notification was issued on Friday by the Under Secretary (Finance) of the state government, Pranab G Bhat. The state finance department increased the VAT on petrol to 21.5 per cent. Meanwhile, the VAT on diesel rose to 17.5 per cent. 

The hike in fuel prices in Goa comes just days after the Karnataka government increased the sales tax on both fuels in the state. Prices in Karnataka increased by Rs. 3 per litre of petrol and Rs. 3.5 per litre of diesel. The state government increased the sales tax on petrol and diesel by 29.84 per cent and 18.44 per cent respectively. 
 

The fuel price hike in Goa has witnessed a lot of backlash since it was announced on June 21, 2024. While political leaders asked the ruling government to roll back the price hike, many citizens were miffed that it arrived just days after the general elections. Moreover, fuel prices were increased just days after the state hiked the electricity tariff from Rs. 0.30 to Rs. 0.90 earlier this month.
 

Fuel prices are hovering around the Rs. 100 per litre mark in most cities. This has pushed towards a higher adoption of EVs and more accessible CNG vehicles. The demand for CNG is expected to grow further as petrol and diesel prices rise in the future. More so with the alternate fuel becoming increasingly more available across the country.

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