NEW DELHI:Finance Ministry notification said excise duty on unbranded petrol is being hiked to Rs 8.95 per litre and that on unbranded diesel to Rs 7.96 per litre.Retail pump rates will remain unchanged as the increase in excise duty neutralises the cut in petrol and diesel prices warranted from crude oil price slumping to about $46 per barrel.
Since August, petrol price have been cut by Rs 12.27 per litre on a cumulative basis while diesel rates in four downward revisions have been slashed by a total of Rs 8.46 a litre.
The government today hiked excise duty on petrol and diesel by Rs 2 per litre each to take away gains coming by way of global oil prices dipping to six-year lows.
This is the fourth increase in excise duty on the two fuels since November and cumulatively customers have been denied the benefit of Rs 7.75 per litre reduction in petrol and Rs 6.50 a litre cut in diesel rates that was warranted due to the slump.
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