Excise Duty on Petrol, Diesel Up ₹2; No Retail Price Change
Petrol, Diesel | Delhi/Hyderabad, April 7 (Maxim News): The Modi government on Monday hiked excise duty on petrol and diesel by Rs 2 per litre each, according to an official order. The excise duty on petrol was increased to Rs 13 per litre and that on diesel to Rs 10, the order said.
While the order did not say what impact it will have on retail prices, industry sources said retail prices are unlikely to be changed. The increased excise duty is likely to be adjusted against the cut in petrol and diesel prices that was warranted because of a fall in international oil prices. The decision comes amid ongoing fluctuations in global oil prices and Trump’s tariffs.
According to the notification issued by the Department of Revenue, Ministry of Finance, the change will come into force on April 8, 2025.
Petrol, Diesel
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri says, “You would have seen a notification from the Ministry of Finance saying that the excise rates are going up by Rs 2 on petrol and diesel. Let me clarify upfront on the record: this will not be passed on to the consumer…The international price of crude oil came down to around $60 a barrel, but please remember that our oil marketing companies carry inventories ov er 45 days.
If you go back to January, the crude price then was $83, which came down subsequently to $75. So the crude inventory that they’re carrying is at $75 on average per barrel…You can legitimately expect prices of petrol and diesel to be moderated by the oil marketing companies in keeping with the global price.
In a deregulated sector, you can expect them to adjust the market retail price.” (Maxim News)
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