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Petrol, Diesel Price Hikes A Day After Budget Announced

Mumbai: Auto fuel prices, petrol prices hike up by RS 2.45/litre and diesel prices gone up by Rs 2.36/litre.

This comes a day after finance minister Nirmala Sitharaman announced budget and as she said petrol/diesel price would be raised.

Following the price hike, petrol in Delhi on Saturday will be available at Rs 72.96 per liter while diesel will be available for Rs 66.69 per liter.

Yesterday, Finance Minister Sitharaman increased the excise duty on auto fuel and road and infrastructure cess by Rs 2 per liter to more than Rs 28,000 crore. In addition, the Finance Minister imposed import duty on custom 1 or crude oil per ton.

India imports 220 million tonnes of crude oil, And the new fee will give an additional 22 crores to the government. At present, the government does not charge any customs duty on crude oil. Only Rs 50 per tonne is charged for the National Calamity Contingency Fee (NCCD).

Yesterday, Finance Minister Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per liter each to raise over Rs 28,000 crore. Besides, the finance minister levied Re 1 per tonne customs or import duty on crude oil.

India imports more than 220 million tonnes of crude oil, and the new duty will give the government Rs 22 crore additionally. At present, the government does not levy any customs duty on crude oil. Only a Rs 50 per tonne national calamity contingent duty (NCCD) is charged.

She said, ‘Crude prices have softened from their highs. This gives me a room to review excise duty and cess on petrol and diesel. Sitharaman said in his budget speech, “I propose to increase special additional excise duty and road and infrastructure cess by Rs 2 per liter on petrol and diesel.”

Petrol currently attracts the total excise duty of Rs 17.98 per liter (2.98 basic excise duty, 7 special additional excise duty, and 8 roads and infrastructure cess).

On Friday, a liter of petrol cost Rs 70.51 in Delhi and Rs 76.15 in Mumbai. Diesel was priced at Rs 64.33 a liter in Delhi and Rs 67.40 per liter in Mumbai.

(With ANI Inputs)

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