Central govt hikes excise duty on petrol, diesel by ₹2/litre, but prices won't change
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The Central Government on Monday hiked excise duty on petrol and diesel by ₹2 per litre each, according to an official order.
The excise duty on petrol was increased to ₹13 per litre and that on diesel to ₹10, the Ministry of Finance said.
However, the Ministry of Petroleum and Natural Gas said that the hike will not affect the retail prices in the country. The increased excise duty is likely to be adjusted against the cut in petrol and diesel prices that was warranted because of a fall in international oil prices.
Meanwhile, International oil prices continued to decrease, recording a 3 percent fall as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude.
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