New Delhi, July 5

Petrol price are to be hiked by over Rs 2.50 per litre and diesel by more than Rs 2.30 from midnight after Finance Minister Nirmala Sitharaman on Friday raised taxes to part-fund her Budget for 2019-20.

Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre each to raise over Rs 28,000 crore.

After considering local sales tax or value added tax (VAT), which is charged after adding central excise duty on base price, the increase in petrol price would be over Rs 2.50 per litre and that on diesel would be Rs 2.30.

The Finance Minister also levied Re 1 per tonne customs or import duty on crude oil. India imports more than 220 million tonnes of crude oil; and the new duty will give the government Rs 22 crore additionally. At present, there is no customs duty on crude oil. Only a Rs 50 per tonne national calamity contingent duty (NCCD) is charged. — PTI