New Delhi: 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.
In her Budget 2019 speech, Union Finance Minister Nirmala Sitharaman said 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.
Nirmala Sitharaman has proposed to increase special additional excise duty and road and infrastructure cess each one by Re 1 per litre on petrol and diesel. With the increase in excise duty and cess, the common people are set to feel the burden of a rise in fuel prices.
This announcement comes at a time when prices of petrol and diesel have reduced in the past few months.
Besides this, the government has also proposed to increase the custom duty on gold and other precious metals. What this means is that prices of precious metals are also set to rise in the coming months.
In her Budget 2019 speech, Finance Minister Nirmala Sitharaman said the government proposes to increase custom duty on gold and precious metals from 10 per cent to 12.5 per cent.
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