Petrol, diesel price likely to go up as government plans to increase excise duty
business, india

Petrol, diesel price likely to go up as government plans to increase excise duty

New Delhi: As per reports the Central government led by PM Modi is planning to increase the excise duty by two rupees in a day or two which can cause a sudden increase in petrol-diesel price.

The excise duty was reduced by one rupee in October by the central government earlier.

On December 3, Revenue secretary Ajay Bhushan reportedly had suggested for an analysis of excise duty hike on petroleum products.

Crude prices are already down by 30% since October 4.

However, oil distributors were speculating this move after the assembly election results are out on December 11.

The government is in agreement on this hike, which will increase the Centre’s revenue kitty from duties on petroleum products.

This development is seen in the aftermath of a Vienna meet of  Organisation of the Petroleum Exporting Countries (OPEC) decided to cut supply and bring down crude oil prices.

 

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