The street and infra cess on petrol have been elevated by Rs eight per litre and particular further excise duty Rs 2 per litre. The street and infra cess on diesel have been elevated by Rs eight per litre and particular further excise duty Rs 5 per litre.
However, the federal government has assured that the retail prices of each petrol and diesel is not going to change on account of this enhance in duties. It additional clarified that the hike can have no impact on the patron.
The duty fee modifications will come into impact from May 6.
It added that the income generated from these duties will probably be used for infrastructure and different growth objects of expenditure.
The hike in duty has taken away positive factors from falling world crude oil prices. In April, benchmark Brent crude oil dropped to as little as USD 18.10 per barrel – the bottom since 1999, as coronavirus wiped away demand, creating massive surpluses across the globe. Prices have since rebounded to round USD 28 a barrel.