After a series price cuts in petrol and diesel prices, the government has raised the excise duty on petrol and diesel by Rs 1.50 a litre to to mop up additional revenue of about Rs 13,000 crore.
The fall in international oil prices had resulted in six consecutive reductions in petrol prices since August and two in diesel in the last one month.
According to a government notification, Excise duty on normal or unbranded petrol was hiked from Rs 1.20 per litre to Rs 2.70 per litre and unbranded diesel from Rs 1.46 a litre to Rs 2.96.
The same on branded petrol was raised from Rs 2.35 a litre to Rs 3.85 and on branded diesel from Rs 3.75 to Rs 5.25 per litre.
While the excise duty hike will result in an immediate increase in petrol and diesel prices, the expected reduction would keep the retail rates at almost the same levels.
Unbranded petrol currently attracts a basic excise duty of Rs 1.20 per litre, a special additional excise duty of Rs 6 a litre and a road cess of Rs 2 per litre. Unbranded diesel attracts a basis excise duty of Rs 1.46 a litre and road cess of Rs 2 per litre.
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