Govt Hikes Excise Obligation on Petrol by Rs 10 a Litre, Diesel by Rs 13 a Litre; No Change in Retail Charges

Image for Representation. (Reuters)

Picture for Illustration. (Reuters)

These obligation charge adjustments will come into impact from Could 6.

The central authorities on Tuesday hiked the excise obligation on petrol by a steep Rs 10 per litre and that on diesel by Rs 13 a litre.

Nevertheless, retail sale costs of gas won’t change on account of this improve in duties because the hike will probably be absorbed by oil advertising and marketing corporations. These obligation charge adjustments will come into impact from Could 6.

The hike in obligation has taken away the features from falling international crude oil costs. Final month, benchmark Brent crude oil dropped to as little as $18.10 (round Rs 1,370) per barrel — the bottom since 1999 — because the coronavirus pandemic wiped away demand and created giant surpluses across the globe.

Costs have since rebounded to round $28 (Rs 2,119) a barrel.

(With inputs from businesses)

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