Finance Minister Nirmala Sitharaman, in her maiden budget speech, had announced imposition of additional special excise duty and a road and infrastructure cess of Re 1 per litre each on both petrol and diesel.
Petrol and diesel prices, which were earlier sold at subsidised rates, were decontrolled in 2010 and 2014 respectively. Petrol prices got deregulated in June 2010 by the Congress-led United Progressive Alliance (UPA) government, while the Narendra Modi-led government decontrolled diesel prices in October 2014.
Since 2014, the government has continuously raised excise duties on both petrol and diesel even as global crude oil prices plunged below $30 a barrel.
The central government had increased excise duty on petrol and diesel nine times between November 2014 and January 2016 to rake in the benefits of the fall in global crude oil prices. Read More
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