Govt. hikes Excise duty on Petrol, Diesel by Rs. 3 per litre

TIL Desk/Business/New Delhi/ Excise duty on petrol and diesel was on Saturday hiked by Rs 3 per litre as the government looked to mop up gains arising from fall in international oil prices.            

Special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre incase of petrol and to Rs 4 incase of diesel, an official notification said. Additionally, road cess on petrol was raised by Rs 1 per litre each on petrol and diesel to Rs 10.               

The increase in excise duty would in normal course result in a hike in petrol and diesel prices but most of it would be adjusted against the fall in rates that would have necessitated because of slump in international oil prices.