Petrol, Diesel retail prices remain same despite new cess in Budget 2021

Petrol, Diesel retail price remains same despite new cess in Budget 2021

The government levied the agriculture and infrastructure development cess at the rate of Rs 2.5 per liter on petrol and Rs 4 per liter on diesel to raise the additional resources required for large-scale investment in these two core sectors of the economy, which would bring back the country on the path of development.

However, to avoid the supplementary cess from affecting the retail price of two petroleum products that have already reached historically high levels in the country, Union Finance Minister Nirmala Sitharaman broadcast that basic excise duty and special additions on petrol and diesel excise duty rates on petrol and diesel are being reduced from the existing levels.

Overall, while the agriculture and infrastructure cess would increase the level of toll on auto fuel, the reduction in excise tax would neutralize the tax proposal in the budget tax which would keep oil marketing companies away from raising the retail price of petrol and diesel based on the new imposition.

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Deepika Chauhan

Hello, I am Deepika Chauhan an automobile enthusiast. Presently working as a Media Manager and Writer. My aim is to guide and teach ways to manage, grow and scale business.
Earlier, I have been a part of Asian News International (ANI) as a Sub-editor cum Producer.

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