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Petrol price taxes set to rise? Govt allows Rs 8 per litre hike in duty on retail fuel

Petrol price taxes set to rise? Govt allows Rs 8 per litre hike in duty on retail fuel

 

To take the benefit of the blood bath in the global oil market, the government has today raised the cap on additional excise duty on petrol to Rs 18 per litre and diesel to Rs 12 per litre. This is an increase of Rs 8 per litre on the previous level of Rs 10 per litre on petrol and Rs 4 per litre on diesel. The rise in cap will allow the government to increase the excise duty which may or may not increase the retail prices of petrol and diesel but will definitely minimise the benefits that the common man could have got, given the freefall in crude oil prices in the international market. 

The decision took place in the amendment to the Finance Bill, 2020, which today passed in Lok Sabha. Finance Minister Nirmala Sitharaman today presented the amendment, which passed without the debate. 

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