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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. It could not be immediately ascertained if retail pump rates will increased or not. 

"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.

When the government hiked excise duty on the petrol and diesel last month, oil firms had decided to absorb the duty change.

However, a fortnightly revision of petrol and diesel prices by oil companies are due.

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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