Fuel prices take hit after Budget, petrol costlier by Rs 2.45 at Rs 72.96 in Delhi

Last week finance minister Arun Jaitley had written to all state governments requesting them to reduce taxes on petrol and diesel. Photograph:( Reuters )

WION Web Team New Delhi, Delhi, India Jul 06, 2019, 08.28 AM (IST)

Petrol price in Delhi went up on Saturday by Rs 2.45, it will now cost Rs 72.96 per litre in the capital city. Diesel price has gone up by Rs 2.36, now at 66.69 per litre in Delhi.

This comes just a day after Finance Minister Nirmala Sitharaman on Friday tabled the government's budget for the first year and announced a hike of Rs 1 per litre on petrol. Customs duty on gold has also been hiked. 

The new budget did not go well with the stock market as BSE Sensex fell 394.67 points to 39,513.39 and the NSE Nifty declined 135.60 points to 11,811.20.

Sitharaman proposed increasing the minimum public shareholding in listed companies to 35% from 25%, threatening a wave of new issuance.

Benchmark indices fell sharply for the first time in the last five straight sessions after the budget failed to boost sentiment.

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Prime Minister Narendra Modi on Friday addressed the nation after Finance Minister Nirmala Sitharaman tabled the budget. 

Opening his post-budget address, the prime minister said that the budget "has given hope to the country".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. 

"The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi said. 

Key highlights of the budget:

- Tax rate reduced to 25 per cent for companies with annual turnover up to Rs 400 crore

- Those who don't have PAN can file tax returns using Aadhaar

- Pre-filling of Income-tax Returns for faster, more accurate tax returns

- Additional deduction up to Rs 1.5 lakhs for interest paid on loans borrowed up to March 31, 2020, for purchase of house valued up to Rs 45 lakh

- Funds raised by start-ups to not require scrutiny from Income Tax Department

- No tax on income up to Rs 5 lakh