Govt hikes excise duty on petrol and diesel; retail prices will not be affected
New Delhi: TheCentral Government has increased excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel. Retail sale prices of petrol and diesel will, however, not change on account of this increase in duties.
These duty rate changes shall come into effect from 6th May, 2020.The price hike will be absorbed by Oil Marketing Companies leading to no increase in retail prices of fuel at the pump.
It is to be noted that the crude oil prices have been at an all-time low in the international markets for the past month but the price benefits have not reached the general public though most of the price variations have come during the lockdown.
With the lockdowns being eased in many parts of the country, all eyes will be on the central government to see if the price benefits are being passed on to the consumers who are by themselves reeling under severe economic pressure.