Categories: Business

government increased excise duty on petrol and diesel

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govt hike excise duty on fuel

new Delhi. The government has sharply increased excise duty on petrol and diesel to take advantage of cheap crude. The central government has announced to increase duty on petrol by Rs 10 and on diesel by Rs 13 per liter. However, this fast will not affect the general customers. In fact, due to record decline in crude, this increase will adjust prices and oil prices will remain stable despite increasing duty.

Last month itself, Brent crude prices fell below $ 20 a barrel. The impact of Brent crude is seen in India's crude basket. Crude bill for India was drastically reduced due to the fall in crude oil prices. However, to raise the necessary funds to deal with the Corona crisis, the government had already planned to take advantage of the fall in crude oil prices. On 23 March itself, the government had approved raising the excise duty limit. The government has kept prices of petrol and diesel stable by increasing excise on decreasing crude bill. This will enable the government to raise the necessary funds without increasing the price of fuel.

This post was published on May 6, 2020 12:42 am

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