New Delhi, Jan 29 (TIWN) Elevated prices of petrol due to a steep increase in taxes in the recent past is set to increase the adoption of compressed natural gas (CNG)-driven vehicles, Crisil Research said.

In contrast, the price has now touched an all-time high of Rs 85.2 per litre in New Delhi even though Brent has slid to $55 per barrel.  The increase is due to higher excise duty, which rose by Rs 13 to Rs 32.98 per litre in 2020 and value-added tax.  "Tax now accounts for over 60 per cent of the retail selling price of petrol, compared with 47 per cent in 2019," said Hetal Gandhi, Director, CRISIL Research.