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Govt increases excise duty by Rs 2 each on petrol, diesel

LPG price raised by Rs 50 per cylinder for both Ujwalla and general category customers in New Delhi.

The government increased excise duty on petrol and diesel by Rs 2 per litre, capitalizing on lower international oil prices to bolster revenue. While pump prices remain unchanged, LPG prices will rise by Rs 50 per cylinder. This duty hike aims to generate Rs 32,000 crore annually, offsetting oil companies' LPG losses, though the timing of reimbursement remains uncertain.

Excise duty on petrol, diesel hiked by Rs 2/litre, LPG prices up by Rs 50/14.2-kg cylinder.

The government has increased excise duty on petrol and diesel by Rs 2 per litre amid fluctuating global oil prices. The rise in excise duty will not impact Indian consumers due to recent cuts in fuel prices. Major oil marketing companies' shares fell, and global crude benchmarks hit their lowest levels since April 2021.

The price of liquefied petroleum gas (LPG) will rise by Rs 50 per cylinder starting April 8, according to Union Oil Minister Hardeep Singh Puri. The government will review LPG prices bi-weekly. Additionally, excise duty on petrol and diesel is being increased by Rs 2 per litre, but retail prices are expected to remain unchanged.

'You would have seen a notification...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,' says Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.

India increased taxes on diesel and gasoline by 2 rupees a liter beginning Tuesday, a step that will help boost its revenue amid falling global crude oil prices.

However, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri explained that the oil companies will absorb the hike, ensuring that retail fuel prices remain unchanged for consumers.

The Indian government has raised the excise duty on diesel and petrol by Rs 2 per litre