Petrol, diesel prices to go up? Indian govt raises excise duty. Here’s how it will affect your pocket
India news | Business & economy | Trending | According to the notification issued by the Department of Revenue, Ministry of Finance, the changes will come into force on Tuesday (Apr 8).
The Indian Central government on Monday (Apr 7) announced that excise duty on petrol and diesel will be increased by Rs 2 per litre. According to the notification issued by the Department of Revenue, Ministry of Finance, the changes will come into force on Tuesday (Apr 8).
The duty on diesel is now at Rs 10 per litre while on petrol, it stands at Rs 13 per litre. Previously, the duties were Rs 8 per litre for diesel and Rs 11 per litre for petrol, according to the oil ministry data.
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No increase in retail prices expected
However, as per the Ministry of Petroleum and Natural Gas, there will be no burden on the people as PSU Oil Marketing Companies (OMCs) have informed that there will be no increase in the retail prices of petrol and diesel, subsequent to the increase in excise duty rates.
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Hike to impact oil marketing companies
The hike in excise duty is expected to affect the oil marketing companies, as they would absorb the cost. Their marketing margin is likely to reduce by Rs 2 per litre. Currently, the integrated margin from retail fuel sales exceeds Rs 11 per litre for OMCs.
According to the order, the Central government has increased the duty in the public interest under the ambit of section 5A of the Central Excise Act, 1944 and section 147 of the Finance Act, 2002.
In December 2024, the government scrapped the windfall profit tax on domestically produced crude oil and fuel exports following a decline in global oil prices.
(With inputs from agencies)
