Excise Duty Hiked on Petrol and Diesel:
Central Government of India announced an increase in excise duties on petrol and diesel by ₹2 per litre each. According to a notification by the Revenue Department under the Ministry of Finance, the new excise duty on petrol is now ₹13/litre and ₹10/litre on diesel. Despite the duty hike, the Ministry of Petroleum and Natural Gas has confirmed that there will be no change in retail prices, as public sector oil marketing companies (OMCs) will absorb the increase. The change comes against the backdrop of global oil price fluctuations, triggered by the US’s tariff policies and increased output by OPEC+.
