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The central government has raised the excise duties on diesel and petrol each by Rs 2 per litre, effective from Tuesday, according to a notification from the Department of Revenue.
Currently, the government charges excise duty of Rs 19.90 per litre on petrol. From Tuesday, it is going to be increased to Rs 21.90 a litre. Similarly, the current excise duty on diesel is Rs 15.80 per litre, and it will increase to Rs 17.80 per litre effective Tuesday. Although it has not been announced yet, the excise duty hike is expected to be absorbed by the oil companies rather than being passed on to consumers. The retail selling price of petrol in Delhi is Rs 94.77 per litre, and diesel is being sold for Rs 87.67 per litre. Crude prices have softened over the past from over USD 70 per barrel to USD 63 per barrel on Monday, raising margins for the oil marketing companies (OMCs). This substantial decline in oil prices may have prompted the government to hike the excise duties on petrol and diesel. (ANI)
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