Delhi assembly has approved the budgetary proposal to reduce VAT on the petrol by 20 per cent.With this, petrol will be cheaper by 92 paisa a litre in Delhi. Chief Minister Shiela Dixit said that the new rates will be operational in 48 hours.Oil Marketing companies have reduced petrol prices two rupees per litre after the hike of 7 rupees 54 paisa a litre.Providing further relief to the consumers the city government withdrew the budget proposal to levy five per cent value added tax (VAT) on CNG .