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

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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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