It was recently reported that there would be a price hike given by the Government in petrol. It will be increased by Rs. 8 to fund the resources to conquer the coronavirus. Coronavirus is spreading aggressively in the country, and numerous people have died already because of this outbreak. To defend this deadly virus, the Government has implemented various methods. The Government of India has taken significant steps to stop the virus from invading extensively throughout the nation.
Coronavirus is getting worse day by day, and there is a massive rise in cases every day in the people. As per the amendments which were introduced in the Finance bill 2020, the ministry of finance will be raising an additional duty of excise on both diesel and petrol by Rs. 18.83. Talking about the diesel, now its exact price will be Rs. 12. Whereas the price of petrol is now Rs. 22.98. When the excise starts to show effectiveness, it will begin to decrease. The amendment about the price hike in petrol and diesel was passed in a short period of time without any debate. The revenue which will be generated additionally will be used to cover the expenses incurred because of the corona outbreak.
One of the reasons behind the price hike in petrol and diesel is to get the country back on track and recover the expenses. It will proffer Rs. 1,20,000 crore annually for the Government, which will financially support the Government to ensure a boost to recover losses in the economy. Corona outbreak resulted in making a significant impact on all kinds of industries. People have to go through a lot, and if coronavirus invades extensively in the country, it will be exceedingly difficult to recover the expanses and begin everything from scratch.