With Corona Viruses outbreak into a Pandemic and lockdown being imposed throughout the country for more than a month leading to non-functioning of industries has affected the India economy in an adverse manner.
The Government of India all of a sudden hiked the taxes on Petrol and Diesel by Rs. 10 and Rs. 13 per liter respectively to cope up with the economy downfall.
Even though on an international level crude oil prices have decreased to a great extent Government of India in order to maintain its economy has taken measures to increase crude oil excise rates in the country.
The additional excise duty on petrol has been hiked by ₹8 and special additional excise duty of ₹2 per litre has also been levied. On a whole ₹10 a litre has been increase on petrol. In the case of diesel, additional excise duty has been hiked by ₹8 and special additional excise duty by ₹5. These changes are effective from Wednesday.
However, the government official said that these excises duty increase will not affect the retail sale prices of petrol and shall be absorbed by the Oil Marketing Companies by adjusting their profit margins.