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Excise duty on petrol raised by Rs 10, diesel by Rs 13 per litre

Google Oneindia News

New Delhi, May 05: The Centre on Tuesday raised the excise duty on petrol by Rs 10 and on diesel by 13 per litre to recoup some of the loss of revenue suffered by the government due to the Covid-19 lockdown.

However, the change in the tax will not impact the retail sale price of petrol and diesel. These duty rate changes shall come into effect from 6th May 2020.

Representational Image

The price hike will be absorbed by Oil Marketing Companies leading to no increase in retail prices of fuel at the pump.

The hike in duty has taken away the gains from falling global crude oil prices. Last month, benchmark Brent crude oil dropped to as low as $18.10 (around Rs 1,370) per barrel the lowest since 1999 as the coronavirus pandemic wiped away demand and created large surpluses around the globe.

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

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