With the budget announcement today, many new details came to light. Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today. The minister made many major announcements. But leaving everything aside, what actually shocked the people were the decisions made regarding petrol and diesel.
Finance Minister Sitharaman announced farm cess on petrol and diesel. It was proposed that farm cess of Rs 2.5 per litre on petrol will be levied and Rs 4 per litre on diesel. With the imposition of Agriculture Infrastructure and Development Cess (AIDC), the Special Additional Excise Duty (SAED) rates and basic excise duty were reduced.
Along with this Special Additional Excise Duty (SAED) on unbranded petrol and diesel will see a change as well. SAED on petrol and diesel will be Rs. 11 and Rs. 8 per litre, respectively. A basic excise duty of Rs 1.4 per litre on petrol and of Rs 1.8 on diesel will be imposed.
Fuel prices in India are a major concern. A common man is the most affected by the ever changing and ever increasing prices.
The increase in fuel price is a result of firm global crude and product price. In the month of January, petrol prices increased by Rs 2.59 per litre and diesel by Rs 2.61. It is causing problems for the common man; especially in major metro cities, the prices are shooting up rapidly.
As the fuel prices change everyday, there are chances of it either increasing or decreasing, depending on various factors. But in India, the prices have mostly gone up.
On February 1, 2021, the petrol and diesel prices reached new highs. The price of petrol in Delhi as of 1st feb was Rs 86 and diesel prices were Rs 76. As of Mumbai, petrol and diesel prices were Rs 93 and more than Rs 83 respectively.
With an increase in fuel prices and the announcement of the Budget, Indian citizens were left disappointed. They shared their concerns through memes and trolls. One user said, “with the petrol rate that is today, I am thinking it will be a lot cheaper if I just burn my bike.”
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