Petrol, diesel prices to rise with additional excise duty and road cess
New Delhi: In what will increase petrol and diesel prices in the country, the union budget has proposed an additional excise duty and road and infrastructure cess of one rupee on every litre of petrol and diesel sold in the country.
“Crude prices have softened from their highs. This gives me a room to review excise duty and cess on petrol and diesel. I propose to increase Special Additional Excise duty and Road and Infrastructure Cess each by two rupee a litre on petrol and diesel,” finance minister Nirmala Sitharaman said in her budget speech.
The cost of the Indian basket of crude, which averaged $47.56 and $56.43 per barrel in FY17 and FY18, respectively, was $ 62.39 in June 2019, according to data from the Petroleum Planning and Analysis Cell (PPAC).
