Petrol, diesel prices shoot up by over Rs 2 after cess hike in Budget
After the Budget announcement of a cess hike on fuel prices, petrol prices shot up by Rs 2.5/litre and diesel prices have shot up by Rs 2.30/litre.
HIGHLIGHTS
- Petrol, diesel prices have shot up by over Rs 2
- The Union Budget has hikes cess on fuel prices
- Petrol will be costlier by Rs 2.50/litre and diesel by Rs 2.30/litre
Inside hours of the Union Budget reporting a climb in cess on auto fuel costs, oil costs shot up by Rs 2.50/liter while diesel costs have gone up by Rs 2.30/liter.
Fund Minister Nirmala Sitharaman raised extract obligation and street and foundation cess on the auto energizes by Rs 2 for each liter each to raise over Rs 28,000 crore.
On Friday, a liter of oil cost Rs 70.51 in Delhi and Rs 76.15 in Mumbai. Diesel was valued at Rs 64.33 a liter in Delhi and Rs 67.40 per liter in Mumbai.
Likewise, the account clergyman demanded Re 1 for each ton traditions or import obligation on raw petroleum. India imports in excess of 220 million tons of raw petroleum; and the new obligation will give the administration Rs 22 crore moreover.
At present, the administration does not exact any traditions obligation on raw petroleum. Just a Rs 50 for each ton national catastrophe unforeseen obligation (NCCD) is charged.
“Rough costs have mollified from their highs. This gives me a space to survey extract obligation and cess on petroleum and diesel. I propose to build Special Additional Excise obligation and Road and Infrastructure Cess each by Rs two a liter on petroleum and diesel,” Sitharaman said in her Budget discourse.
Petroleum right now draws in an all out extract obligation of Rs 17.98 per liter (Rs 2.98 fundamental extract obligation, Rs 7 extraordinary extra extract obligation and Rs 8 street and framework cess).
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