Indian Govt raises excise duty on petrol, diesel by Rs 2 per litre, No Change In Retail Prices
- The move aims to mop up more revenue as crude oil prices have fallen to a four-year low in the global market.
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The Indian Govt has hiked the excise duty on petrol and diesel by Rs 2 per litre each. However, there will be no change in retail prices as the two fuels as oil prices have come down in the global market.
The excise duty on petrol has been increased to Rs 13 per litre and that on diesel to Rs 10, according to the order.
The PSU Oil Marketing Companies have informed that there will be no increase in retail prices of petrol and diesel, subsequent to the increase effected in Excise Duty Rates today,” the Ministry of Petroleum and Natural Gas posted on X.
The move aims to mop up more revenue as crude oil prices have fallen to a four-year low in the global market with the benchmark Brent crude falling to $63 a barrel – the lowest since April 2021 – and the US West Texas Intermediate crude declining to $59.57.
The lower crude oil prices will reduce the cost of production for oil refining and marketing companies such as Indian Oil and Bharat Petroleum and increase their retail margins.
Moreover, International oil prices continued to report losses, sliding more than 3 per cent on Monday amid apprehensions about possible recession, stoked by escalating trade tensions between the United States and China, that would reduce demand for crude.
Notably, India is 85 per cent dependent on imports to meet its oil needs.
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