Budget 2019: Petrol, diesel, gold set to get costlier
New Delhi : The BJP-led NDA government has proposed an increase of excise duty and cess on petrol and diesel, resulting in an upcoming hike in the selling price of the two comodities.
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.
The FM proposed an increase of special additional excise duty and road and infrastructure cess each one by Re 1 per litre on petrol and diesel.
The announcement comes at a time when the fuel prices have been declining since past few months.
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.