Excise Duty on Petrol and Diesel

Hi Freinds,Its very good news for taxpayers that tax exemption limit has been raised.

I want to know what is excise duty ??..i've heard  that it is imposed on manufacturing of domestic products..but what's its impact on final prices of goods consumed by us.For example if Finance Minister raises excise duty on petrol..will petrol prices increase with immediate effect on 1st April,2010???