Homeenergy News

Govt raises excise duty on petrol by Rs 10, diesel by Rs 13 but pump prices to stay

This article is more than 2 year old.

Govt raises excise duty on petrol by Rs 10, diesel by Rs 13 but pump prices to stay

Mini

The government has upped excise duties on petrol and diesel by Rs 10 and Rs 13 respectively.

Govt raises excise duty on petrol by Rs 10, diesel by Rs 13 but pump prices to stay
The government has upped the  additional excise duty in the form of road cess on petrol and diesel by Rs 8 per litre.
Additionally, it also raised the special additional duty on excise by Rs 2 on petrol and Rs 5 on diesel.
This effectively results in a net increase of Rs 10 on petrol and Rs 13 on diesel.
The change will come into effect from May 6.
However, a government official told CNBC-TV18 that the price hike will be absorbed against the fall in crude prices and that there will be no change for the retail prices for consumers.
"The MRP of petrol and diesel will continue to remain the same," the official said.
Oil marketing companies continue to make a windfall as crude oil prices have tumbled in the wake of the coronavirus pandemic.
Since the hike is entirely in the form of additional excise duties, the revenues will accrue entirely to the central government.
The basic excise duty, which is shared with states, remains the same.
Correction: A previous version of this article erroneously said the total excise duty on petrol and diesel had been hiked by Rs 13 and 10, respectively. This has been changed to Rs 10 and Rs 13 respectively.
next story

Market Movers

Currency

CompanyPriceChng%Chng