Govt increases excise duty on petrol and diesel by Rs 2; no increase in retail prices

New Delhi: The government on Monday announced that excise duty on petrol and diesel prices in India is set to rise as the government has hiked it by Rs 2 per litre. This will be in effect from April 8.

The move comes at a time when global crude oil prices are on a downward trend, driven by fears of a global trade war sparked by the US administration’s reciprocal tariffs.

Currently, excise duty on petrol stands at Rs 19.90 per litre, which will rise to Rs 21.90. For diesel, the duty will increase from Rs 15.80 to Rs 17.80 per litre.

Consumers won’t be affected, says govt

As per the latest notification by the Finance Ministry, the said change will come into effect on April 8. The Petroleum and Natural Gas Ministry said, “PSU Oil Marketing Companies have informed that there will be no increase in retail prices of petrol and diesel, subsequent to the increase effected in Excise Duty Rates today.”

In a statement. Union Oil Minister Hardeep Singh Puri said, “You would have seen a notification from the Ministry of Finance saying that the excise rates are going up by Rs 2 on petrol and diesel. Let me clarify upfront on the record, this will not be passed on to the consumer.”