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Govt Hikes Excise Duty on Petrol by Rs 10 a Litre, Diesel by Rs 13 a Litre; No Change in Retail Rates

Image for Representation. (Reuters)

Image for Representation. (Reuters)

These responsibility fee adjustments will come into impact from May 6.

  • News18.com New Delhi
  • Last Updated: May 6, 2020, 12:02 AM IST

The central authorities on Tuesday hiked the excise responsibility on petrol by a steep Rs 10 per litre and that on diesel by Rs 13 a litre.

However, retail sale costs of gas is not going to change on account of this enhance in duties because the hike might be absorbed by oil advertising and marketing corporations. These responsibility fee adjustments will come into impact from May 6.

The hike in responsibility has taken away the beneficial properties from falling world crude oil costs. Last month, benchmark Brent crude oil dropped to as little as $18.10 (round Rs 1,370) per barrel — the bottom since 1999 — because the coronavirus pandemic wiped away demand and created giant surpluses across the globe.

Prices have since rebounded to round $28 (Rs 2,119) a barrel.

(With inputs from businesses)

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