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Petrol and diesel prices in India has increased. The government on Saturday announced the hike in excise duty for both petrol and diesel by Rs 3 per litre. The increase in the excise duty on petrol and diesel comes as part of the government's plan to make gains of up to Rs 39,000 crore from the falling international oil prices.
According to a notification by the Central Board of Indirect Taxes and Customs, the excise duty of petrol has increased from Rs 2 per litre to Rs 8 per litre. Excise duty of diesel, on the other hand, has increased from Rs 2 to Rs 4 per litre. Apart from this, an additional Rs 1 each has also been added to petrol and diesel as road cess.
The government on Saturday hiked excise duty on petrol and diesel by a steep Rs 3 per litre each to garner about Rs 39,000 crore additional revenue as it repeated its 2014-15 act of not passing on gains arising from a slump in international oil prices.
Prices of petrol and diesel vary on a daily basis. The rise and fall of petrol and diesel prices in the country depend on both the excise duty and international rates. Fuel prices were recently on the decline in the Indian market, mainly due to the slump in its international rates.
However, government officials have stated that the increase in excise duty will allow them to garner a revenue of around Rs 39,000 crore, out of which Rs 2000 crore will come during the last three weeks of the current fiscal year.
Prices for petrol in Delhi today stands at Rs 69.87 per litre while diesel costs Rs 62.58 per litre. Similarly, petrol and diesel prices for Bangalore stands at Rs 72.26 and Rs 64.72 per litre, respectively — find out the exact petrol and diesel prices in your city here.
The last hike in excise duty on petrol and diesel was back in January 2016. The government had increased the excise duty on both petrol and diesel nine times between November 2014 and January 2016. Between the above-mentioned duration, the total hike in excise duty of petrol and diesel stood at Rs 11.77 and Rs 13.47 per litre.