Marginal cut in petrol, diesel prices
Petrol and diesel prices were today cut marginally by 4 and 3 paise per litre respectively as the Centre jacked up excise duty yesterday to make up for projected shortfalls in direct tax collections.
migrator
New Delhi
In Delhi, petrol and diesel will be now available at Rs 59.95 and Rs 44.68 per litre, respectively.
The reduction should have been Rs 1.04 per litre in petrol and Rs 1.53 in diesel because of a 4 dollar per barrel fall in international rates in the last fortnight.
But the government on the eve of the due price revision yesterday raised excise duty on petrol by Re 1 per litre and on diesel by Rs 1.50.
The third increase in excise duty in a month will fetch the government additional revenue of Rs 3,200 crore during the current fiscal.
Taken together with the two excise duty hikes in November and December 2015, the government is expected to get Rs 17,000 crore in additional revenue. The five duty hikes aggregate to Rs 4.02 per litre on petrol and Rs 6.97 on diesel.
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