Centre on Tuesday increased excise duty on petrol and diesel by Rs eight per litre. The decision was taken by the Narendra Modi government in the backdrop of financial crisis emerging due to coronavirus lockdown. The government also raised the special additional duty on excise by Rs five on petrol and Rs two on diesel. This will make petrol dearer by Rs 10. The decision will come into effect from May 6.
Similarly, diesel will also become costlier by Rs 13 per litre. According to a report published in CNBC TV 18, the price hike will be absorbed by Oil Manufacturing Companies (OMCs), which will result in no increase in retail prices of fuel. After the lockdown, the fuel prices remained stable for almost 45 days.
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