Union finance minister Nirmala Sitharaman while presenting the Union Budget announced that an agriculture infrastructure and development cess of Rs 2.5 per litre and Rs 4 per litre has been imposed on petrol and diesel respectively.
The skyrocketing prices of petrol and diesel are boring a hole in the pockets of the public, who are already facing a financial constraint because of the rising prices of other essential commodities.
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Petrol price in New Delhi has crossed Rs 86 while in Mumbai it costs Rs 93 per litre.
The price of diesel in Delhi is Rs 76 while it is more than Rs 83 in Mumbai.
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The Union minister said that although agriculture infrastructure and development cess has been imposed on petrol and diesel, the basic excise duty and special additional excise duty (SAED) rates have been slashed, a report stated.
As such the public will not have to bear an additional financial burden, Sitharam said.
Basic excise duty of Rs 1.4, and Rs 1.8 per litre will be imposed on petrol and diesel respectively.
The SAED on unbranded petrol and diesel will be Rs 11 and Rs 8 per litre respectively.
Basic excise duty and SAED will also be levied on branded petrol and diesel as well.