Govt increases excise duty on petrol and diesel by Rs 2 – The Times of India

NEW DELHI: The Central authorities on Monday elevated excise duty by Rs 2 every on petrol and diesel.
In response to a notification launched by the income division of ministry of finance, the excise duty on petrol was elevated to Rs 13 per litre and that on diesel to Rs 10.
Whereas the order didn’t say what affect it’s going to have on retail costs, trade sources stated retail costs are unlikely to be modified.
Nonetheless the ministry of petroleum stated that the retail costs is not going to be effected by the hike
“PSU Oil Advertising Firms have knowledgeable that there will probably be no improve in retail costs of Petrol and Diesel, subsequent to the rise effected in excise duty charges at the moment,” ministry of petroleum & pure gasoline wrote on X.
The new charges will probably be come into power on April 8.
In the meantime, crude oil costs have plummeted after US President Donald Trump initiated a world commerce warfare—imposing a 34% tariffs on US items
Considerations of a tariff-induced drop in demand comes because the Group of the Petroleum Exporting International locations and its allies, referred to as OPEC+, introduced it’s rising output to 411,000 barrels per day in Might, up from the beforehand deliberate 135,000 barrels per day, the group stated in an announcement.