April 7, 2025 4:33 PM

Govt raises excise duty on petrol, diesel by Rs 2; no hike in retail prices amid global oil price crash

The central government has announced a hike in excise duty on petrol and diesel by Rs 2 per litre each, effective from Tuesday. However, the Ministry of Petroleum and Natural Gas clarified that this will not lead to any increase in the retail prices of the two fuels, owing to a sharp decline in global crude oil prices. In a post on X, the Ministry said, "The PSU Oil Marketing Companies have informed that there will be no increase in retail prices of petrol and diesel, subsequent to the increase...