Petrol, diesel price may rise as duty hiked by Rs 3/l over global prices

Government has taken the bait provided by unusually low global oil prices to raise excise duty on petrol and diesel to raise revenue that has been severely impacted by a slowing economy.

It raised excise duty on petrol and diesel by Rs 3 per litre that would increase the retail price of the two petroleum products between Rs 3-4 per litre depending on the taxation structure in different states.

The Centre, however, could gain in excess of Rs 45,000 crore of revenue for full year.

As per a notification issued by Central Board of Indirect Taxes and Customs, special duty on petrol and diesel has been hiked by Rs 2 per litre to Rs 10 and Rs 4 per litre, respectively.

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