New Delhi: Oil Marketing Companies on Monday informed that there will be no increase in retail prices of petrol and diesel, subsequent to the Rs 2 per litre increase in excise duty rates.
There will be no burden on the common man as the increase will be adjusted against the price cut warranted because of falling international oil prices, the Ministry of Petroleum and Natural Gas confirmed.
An official notification by the Department of Revenue, Ministry of Finance, had informed about the change in the excise duty, which will take effect from April 8. The excise duty on petrol has been increased to Rs 13 per litre and that on diesel to Rs 10, according to the order.
Meanwhile, international oil prices continued to report losses, sliding more than 3 per cent on Monday amid apprehensions about possible recession, stoked by escalating trade tensions between the United States and China, that would reduce demand for crude
In December 2024, the government removed the windfall profit tax on locally produced crude and fuel exports, owing to falling global oil prices.
