For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Govt Increases Excise Duty On Petrol And Diesel By Rs 2/Lt

|

While there were calls that the centre would not increase excise duty increase on auto fuel including diesel and petrol, there has been effected a special hike of Rs. 2 per litre on both diesel and petrol that comes into effect from March 14.

Govt Increases Excise Duty On Petrol And Diesel By Rs 2/Lt
 

The increase will enable the government to garner additional revenue at a time when the country is already under an economic slowdown now further to be hit due to coronavirus. The additional mop up is expected to be at around Rs. 2000 crore.

The hike has been due to a steep and continuing decline in crude prices which on Monday this week tumbled by as much 30% and collapsed to levels seen in 1991.

So, whether the hike in excise duty will mean higher price of petrol and diesel shall depend on the decision of OMCs. Thus even if they decide to absorb this hike, you may not see price reduction on auto fuel as has been the case for many days now.

GoodReturns.in

Read more about: petrol diesel excise duty crude
Story first published: Saturday, March 14, 2020, 10:16 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more