Govt Hikes Excise Duty On Petrol, Diesel By ₹3/Litre Even As Global Oil Prices Fall
Since January, the prices of petrol and diesel have fallen by more than 6 rupees
Mumbai: The excise duty on petrol and diesel was raised by Rs 3 per litre on Saturday as the government looked to absorb the gains generated by the fall in international oil prices.
A government notification said that the special excise duty on petrol has been increased from Rs 2 to Rs 8 per litre and in case of diesel by Rs 4.
In addition, road cess on petrol was increased by Rs 1 per litre and by Rs 10 on diesel.
The increase in excise duty would normally increase the prices of petrol and diesel, but the majority of this would be adjusted against the drop in rates that would be necessary due to the fall in international oil prices.
Petrol in Delhi today was Rs 69.87 per litre while diesel was Rs 62.58 per litre. The drop in global crude oil prices due to a coronavirus-induced recession has made fee increases possible.
Since January, the prices of petrol and diesel have fallen by more than 6 rupees.
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