NEW DELHI: Ahead of the Union Budget, the Modi government on Saturday increased the excise duty on petrol by Re. 1 a litre and Rs. 1.50 on diesel, the third increase this month, to mop up over Rs. 3,200 crore in additional revenue, netting, in all, Rs. 17,000 crore in three months.
The increase will not result in an increase in the retail selling prices of the two fuels as it would be adjusted against the reduction in the rates that may have been possible because of the slide in international oil prices.
The basic excise duty on unbranded or normal petrol has been increased from Rs. 8.48 per litre to Rs. 9.48 and the same on unbranded diesel from Rs. 9.83 to Rs. 11.33, a notification from the Central Board of Excise and Customs said. — PTI
