Petrol price will be hiked by over Rs 2.5 per litre and diesel by more than Rs 2.3 per litre after Finance Minister Nirmala Sitharaman on Friday raised taxes on the fuels to part-fund her Budget for 2019-20.
Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.
Post considering local sales tax or value added tax (VAT), which is charged after adding the central excise duty on base price, the increase in petrol price would be over Rs 2.5 per litre and that on diesel would be Rs 2.3 per litre.
On Friday, a litre of petrol costs Rs 70.51 in Delhi and Rs 76.15 in Mumbai. Diesel is priced at Rs 64.33 a litre in Delhi and Rs 67.40 per litre in Mumbai.
