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Central Government hikes excise duty on fuel again
Posted on: 02/Jan/2015 11:34:05 AM
The Central Government for the third time in six weeks have hiked the basic excise duty on petrol and diesel and absorbed the benefit of falling crude oil prices that would have been otherwise passed on to consumers by oil marketing companies.
The government`s decision to increase the excise duty on all brands of petrol and diesel by Rs 2 each came just when the oil marketing companies were to announce a cut on fuel prices as part of their fortnightly review of the retail selling price on the basis of the latest international crude oil prices and rupee-dollar exchange rate.
As a result of the decision, there wont be any reduction in the retail prices of fuel for the next two weeks.
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