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Thursday, 1 January 2015

Excise Duty on Petrol, Diesel Hiked by Rs 2/Litre

The government on Thursday raised excise duty on both branded and unbranded petrol and diesel by Rs 2 per litre each. However retail pump rates will not be increased. 
"Govt. has decided to increase basic excise duty on petrol & diesel by Rs 2/litre for infrastructure development,esp building15000 km of road (sic)," Oil MInister Dharmendra Pradhan tweeted.
The increased rates of basic excise duty will be effective from midnight.


"However,retail price of Petrol & Diesel will remain unchanged allover India despite additional excise duty of Rs 2/litre from midnight today," Mr Pradhan said in another tweet.
When the government hiked excise duty on the petrol and diesel last month, oil firms had decided to absorb the duty change.
A fortnightly revision of petrol and diesel prices by oil companies were due, which is not likely to happen now. A cut in both fuel prices were expected on cooling crude prices, which will now likely be offset by the increase inb excise duty.
The government on December 2 raised excise duty on petrol by Rs 2.25 per litre and on diesel by Rs 1 a litre. Oil companies had revised fuel rates just a day before the hike and had decided to absorb the increase.

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