The govt raise 3% excise duty for petrol and diesel

With crude oil prices dropping, the government has agreed to raise a total of Rs 3 per liter for petrol and diesel for special additional excise duty and road and infrastructure cessation. While retail petrol and diesel prices are not expected to rise immediately, the move will carry an additional Rs47,000 crore in FY21 to the government. The new levies will earn about Rs1,958 crore more from central government petrol and diesel sales during the remaining 15 days of FY20.

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