In a bid to benefit from the fall in crude oil prices, the government on Saturday hiked excise duty on petrol and diesel, a move that is likely to help the government generate more revenue during a tight fiscal situation. Special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre in case of petrol and to Rs 4 in case of diesel, an official notification said. Additionally, road cess on petrol was raised by Rs 1 per liter each on petrol and diesel to Rs 10. Crude oil prices, on the other hand, fell further on Friday recording their worst weekly drop since 1991.<\/p>\n
Although the expectation was that the falling crude oil prices will help trim petrol prices that are at Rs 69.87 per liter on Saturday in Delhi as compared to Rs 76.01 per liter on January 11. Diesel prices too have fallen significantly since the start of this year, now at Rs 62.58 per liter in Delhi from Rs 69.17 per liter during the second week of January. However, government sources requesting anonymity said that although the reduction crude oil prices has helped the consumers in the past few months, the move to increase excise duty is a measure to help the government generate resources for infrastructure development. <\/p>\n","protected":false},"excerpt":{"rendered":"
In a bid to benefit from the fall in crude oil prices, the government on Saturday hiked excise duty on petrol and diesel, a move that is likely to help the government generate more revenue during a tight fiscal situation. Special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre in case of petrol and to Rs 4 in case of diesel, an official notification said. Additionally, road cess on petrol was raised by Rs 1 per liter each on petrol and diesel to Rs 10. Crude oil prices, on the other hand, fell further […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-342057","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/342057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=342057"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/342057\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=342057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=342057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=342057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}