In the 2010-2011 budget presented today in the parliament, the Government has announced Re 1 hike in the petrol and diesel prices across the country owing to hike in the central exise duty.
The Government has also hiked the central exise duty on non-petroleum products across the board from 8 to 10% and the basic duty on crude and petroleum products.
Other news concerning the automobile industry is the partial rollback of the stimulus by hiking the ad valorem component of exise duty on large cars and multi utility vehicles by 2 percent to 22 percent.
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