Union Budget 2019: Nirmala Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre and levied Re 1 per tonne customs or import duty on crude oil.
Union Budget 2019: A day after Union Finance Minister Nirmala Sitharaman increased excise duty and cess of fuel, petrol prices have jumped up to Rs 2.5 per litre across all metro cities of India.
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While petrol is priced at Rs 72.96 in Delhi, up from Rs 70.51 on Friday, diesel prices have reached Rs 66.69, up from Rs 64.33 yesterday. Here’s the new fuel price buildup for the other three metro cities of India.
Mumbai: Petrol Rs 78.57, up from Rs 76.15 on Friday; Diesel Rs 69.9, up from Rs 67.4 on Friday.
Chennai: Petrol Rs 75.46 (rs 73.19 yesterday); Diesel Rs 70.48 (Rs 67.96 yesterday).
Kolkata: Petrol Rs 75.15 (Rs 72.75 yesterday); Diesel Rs 68.59 (Rs 66.23).
the excise duty on petrol was Rs 17.98 a litre and for diesel was Rs 13.83 a litre. On Friday, petrol and diesel prices were seen at Rs 64.33 and Rs 70.51 a litre respectively in Delhi.
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Sitharaman, who presented the first budget of the new government, had said crude prices have softened from their highs, paving way for her to review excise duty and cess on petrol and diesel.
Also, 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
Petrol currently attracts a total excise duty of Rs 17.98 per litre (Rs 2.98 basic excise duty, Rs 7 special additional excise duty and Rs 8 road and infrastructure cess).
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Tax collection on petrol and diesel is one of the biggest source of revenue for the government and it accounts for more than a third of the retail fuel prices.