Relief for oil marketing companies as Government cuts excise duty on petrol, diesel

March 27, 2026 12:13 PM

Relief for oil marketing companies as Government cuts excise duty on petrol, diesel

The Centre on Friday reduced excise duties on petrol and diesel, offering relief to oil marketing companies (OMCs) amid rising global crude prices. In a notification issued on Thursday, the Union Ministry of Finance reduced the excise duty on petrol to ₹3 per litre from the earlier ₹13 per litre, while the duty on diesel was cut to nil from ₹10 per litre. The ministry said that these reductions have come into effect immediately. The government also imposed a windfall tax of ₹21.5 per li...

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

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...