Petrol, diesel price: Almost 70% of what you pay goes towards taxes

NEW DELHI : To shore up revenues during the lockdown, the government has hiked excise duties on petrol and diesel with effect from today. Since crude oil rates have lost by over 60% from its this year’s peak, the excise duty hike would not lead to a hike in retail selling price of the two automobile fuels.

Excise duty has been increased by a record ₹10 per litre on petrol and ₹13 per litre on diesel. The government hopes to garner ₹1.6 lakh crore additional revenue with the hike. With this, the total incidence of excise duty on petrol has risen to ₹32.98 per litre and that on diesel to ₹31.83.

Petrol costs ₹71.26 a litre in Delhi and a litre of diesel comes for ₹69.39.