The Union Budget for the fiscal year of 2016-17 was announced today by Finance Minister Arun Jaitley and it carried with it some news that are in favour of (and some not much so) the automobile industry. The budget called for the construction of various new roadways in the country but also mentioned that all cars will be dearer as an additional infrastructure tax will be levied for all new vehicle registrations. The new infra cess tax will vary from 1 per cent to 4 per cent depending upon the type of vehicle.
Fortunately, the end-buyer can breathe a small sigh of relief as there will be a shift in the current rate of fuel prices. The price of petrol will reduce by Rs 3.05 per litre while diesel will cost more by 50 paise. The change of rate will be effective from midnight, February 29th, all across the nation.
A similar shift in fuel prices was observed earlier on 18th February where petrol prices dropped by 32 paise while the cost of diesel went up by 28 paise.
The consistent drop in petrol price and hike in diesel can be associated to the government's attempt to bridge the overall gap between both the fuels.
The current price of petrol is Rs 56.61 per litre and for diesel is Rs 46.43 per litre. As mentioned earlier, from midnight petrol will cost Rs 53.56 per litre and Rs 46.93 per litre for diesel (all fuel figures are with respect to New Delhi rates).
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