Budget | Petrol & Diesel Prices Set To Be Costlier

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.

Presenting her budget, Sitharaman said that the softening of crude oil prices from their recent highs has allowed her room to review the cess and excise duty on petrol and diesel. The finance minister proposed to increase special additional excise duty and road and infrastructure cess each one by Re 1 per litre on petrol and diesel and with the increase in excise duty and cess, the common people are set to feel the burden of a rise in fuel prices.

Sitharaman’s announcement comes at a time when the prices of petrol and diesel have reduced in the past few months which brings relief for the people but today’s budget has once again upset the people with the increase in price of petrol and diesel.

Sitharaman also said that the government has also proposed to increase custom duty on gold and precious metals from 10 percent to 12.5 percent.

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