Government hikes excise duty on petrol, diesel
While unbranded petrol excise duty has been hiked to Rs. 2.70 from Rs. 1.20 per litre, the duty on unbranded diesel has been raised to Rs. 2.96 from Rs. 1.46 per litre.
The government's move to hike excise duty is aimed at getting higher revenues in its coffers.
The move comes at a time when the state-owned oil cos were supposed to cut petrol and diesel rates this Saturday due to sliding global prices.
It has been learnt that, in spite of the excise hike, prices may still come down, but the quantum of the cut will be reduced.
It is noteworthy to mention that if prices are cut this Saturday, it would be the seventh reduction in petrol prices since August and the third in rates of diesel since its decontrol last month.
Diesel price was for the first time in more than five years cut on October 19, by Rs. 3.37 a litre, when the government decided to deregulated the fuel. This was followed by another cut on November 1.
Prior to the October 19 reduction, diesel rates were last cut in January 2009.
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