Although, the government has increased excise duty on petrol by Rs2.25 a litre and on diesel by Re1, it will not affect retail prices
The Indian government on Tuesday raised excise duty on petrol and diesel by Rs2.25 and Re1 a litre, respectively. However, consumers will be spared from the price hike.
The move, which comes amid declining prices of crude oil in the international market, will boost government revenue and help it contain the fiscal deficit.
The revised excise duty on petrol and diesel came into effect from Tuesday, official sources said.
The move will have no impact on retail prices of petrol and diesel, they said.
This is the second hike in excise duty in three weeks. On 12th November the government had raised the excise duty by Rs1.50 per litre on both petrol and diesel but that did not have any impact on the retail prices.
In view of the declining prices of crude, oil marketing companies had on Monday cut petrol prices by 91 paise a litre, the seventh reduction since August, and on diesel by 84 paise per litre, the third straight cut.
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