Government increases excise duty on diesel and petrol by Rs 3 each despite historic collapse in international prices

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The Centre’s Narendra Modi government has decided to increase the excise duty on diesel and petrol by Rs 3 each despite the historic collapse in international prices of crude oil. This will help the government gain an additional Rs 39,000 crore.

excise duty
(REUTERS)

The Modi government has often faced condemnation for not passing on the benefits in the fall of crude oil prices internationally.

Additionally, as reported by news agency PTI, road cess on petrol was raised by Rs 1 per litre each on petrol and diesel to Rs 10.

The government has said that a hike in excise duty will not result in an immediate rise in the prices of petrol and diesel for consumers.

Amidst the fear of coronavirus outbreak, oil prices last week suffered a historic collapse after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.

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