The central government has increased the excise duty on petrol and diesel by ₹2 each. With this hike, the prices of petrol and diesel across India are expected to increase significantly.
The price hike will come into effect from April 8, a government notification said. The decision comes at a time when global oil prices are undergoing volatility.
The excise duty on petrol was increased to ₹13 per litre and that on diesel to ₹10, the order said.
The Ministry of Petroleum and Natural Gas on Monday gave a clarification for consumers on Monday about the petrol price hike, saying that customers will not be affected by the decision.
“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 said.
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. This is why customers will not feel the heat of petrol price rise.
Addressing a press briefing, Union Minister Hardeep Singh Puri said there will be ‘no hike in fuel prices right now’.
(By arrangement with livemint.com)
