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Excise duty on petrol hiked by Rs 1 per litre, diesel by Rs 1.50

New Delhi: Government on Saturday hiked the excise duty on petrol by Re 1 per litre and by Rs 1.50 on diesel, the third increase in duties this month, to mop up over Rs 3,200 crore in additional revenue, netting in all Rs 17,000 crore in three months.

However, there will be no increase in retail selling of petrol and diesel as it would adjust against the reduction in rates that may have been possible because of the slide in international oil prices.

Basic excise duty on unbranded or normal petrol has been increased from Rs 8.48 per litre to Rs 9.48 and the same on unbranded diesel from Rs 9.83 to Rs 11.33, a notification of the Central Board of Excise and Customs (CBEC) said. 

The increase in excise duty will fetch the government over Rs 3,200 crore during the remainder period of the fiscal. This is the third hike in excise duty in January as the government made use of the slump in oil prices to shore up resources at a time when its disinvestment kitty is likely to fall way short of target.

Notably, the government had on January 16 hiked the excise duty on petrol by Rs 0.75 per litre and Rs 2 on diesel to mop up over Rs 3,700 crore in additional revenue. Prior to that on January 2, the government  had hiked the excise duty on petrol by Rs 0.37 per litre and Rs 2 on diesel to mop up a little less than Rs 4,400 crore.

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