Excise Duty on Petrol, Diesel Hiked; no impact on prices Tuesday Dec 02,2014

 

The NDA Govt on Tuesday Dec 02,2014 raised excise duty on petrol and diesel by Rs. 2.25 and Re. 1 a litre respectively, but consumers will be spared of a price hike.

The move, which comes amid declining prices of crude oil in the international market, will boost government revenue and help it contain the fiscal deficit.

The revised excise duty on petrol and diesel came into effect from Tuesday Dec 02,2014

This is the second hike in excise duty in three weeks. On November 12, 2014  the government had raised the excise duty by Rs. 1.50 per litre on both petrol and diesel but that did not have any impact on the retail prices.