Petrol and diesel prices in India are going to increase by INR 2.67 a litre and INR 2.58 per litre, respectively, after Finance Minister disclosed the hike in customs and excise duties on these two commodities as part of Union Budget 2010 in Lok Sabha today. This move almost puts the Kirit Parikh Committee report on fuel prices in cold storage.
Customs duty on petrol and diesel were raised to 7.5 per cent from 2.5 per cent while excise duty was raised by INR 1 per litre to INR 14.35 and INR4.60 per litre on non-branded (normal) petrol and diesel respectively.
The change of customs and excise duty would result in petrol prices going up by INR 2.67 per litre in Delhi and diesel by INR 2.58 per litre with effect from Friday midnight.
Petrol & Diesel currently costs INR 44.72 per litre & INR 32.92 per litre respectively in Delhi.