The government has upped the additional excise duty in the form of Road Cess on petrol and diesel by Rs 8 per litre.
Additionally, it also raised the special additional duty on excise by Rs 2 on petrol and Rs 5 on diesel.
Also Read – Way Forward after Excise Increase.
This effectively results in a net increase of Rs 10 on petrol and Rs 13 on diesel.
The change will come into effect from May 6.
However, the price hike will be absorbed by OMCs and that there will be no change for the retail prices for consumers.
“The M.R.P. of petrol and diesel will continue to remain the same.
Oil marketing companies continue to make a windfall as crude oil prices have tumbled in the wake of the Corona Virus pandemic.
Since the hike is entirely in the form of additional excise duties, the revenues will accrue entirely to the central government.
KULTARAN SINGH ATWAL