Wednesday, March 3, 2021
Home Latest india news Centre hikes excise duty on petrol, diesel by Rs 3 each

Centre hikes excise duty on petrol, diesel by Rs 3 each

The Central government hiked the excise duty on petrol and diesel was on Saturday by Rs 3 per litre in a move to mop up gains arising from fall in oil prices globally.

Central Board of Indirect Taxes and Customs (CBIC) has notified the additional excise duty on petrol and diesel by Rs 1 each and special additional excise duty on the two fuels by Rs 2 each, effective Saturday.

The increase in excise duty will be adjusted against the fall in rates of international oil prices.

Global crude oil prices had more than halved from January to about $32 a barrel this week, leading to a more than Rs 6 reduction each in retail price of petrol and diesel between 11 January and 14 March.



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