This latest move marks a reversal in trend, leveraging falling crude costs to strengthen the exchequer.
Petrol and Diesel Price in India Latest News Today: In a significant move, the central government has announced an increase in excise duty on petrol and diesel by Rs 2 per litre each. The revision comes even as international oil prices hit a four-year low, with Brent crude falling below $55 per barrel.
According to a notification issued by the Department of Revenue under the Ministry of Finance, the revised excise duty rates will come into effect on April 8, 2025.
However, the Centre has clarified that there will be no change in the retail prices of petrol and diesel. "PSU Oil Marketing Companies have informed that there will be no increase in retail prices of Petrol and Diesel, after the increase effected in Excise Duty Rates today," tweeted the Ministry of Petroleum & Natural Gas, Government of India.
The government last revised excise duties in 2023, when prices were surging due to geopolitical tensions. This latest move marks a reversal in trend, leveraging falling crude costs to strengthen the exchequer.
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