The Budget of 2019-20 presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Friday said that the price of petrol and diesel are set to become costlier as the Narendra Modi government has proposed to increase excise duty and cess on the two precious commodities.
Presentingher budget, Sitharaman said that the softening of crude oil prices from theirrecent highs has allowed her room to review the cess and excise duty on petroland diesel. The finance minister proposed to increase special additional exciseduty and road and infrastructure cess each one by Re 1 per litre on petrol anddiesel and with the increase in excise duty and cess, the common people are setto feel the burden of a rise in fuel prices.
Sitharaman'sannouncement comes at a time when the prices of petrol and diesel have reducedin the past few months which brings relief for the people but today's budgethas once again upset the people with the increase in price of petrol anddiesel.
Sitharamanalso said that the government has also proposed to increase custom duty on goldand precious metals from 10 percent to 12.5 percent.
