Latest News Updates on Petrol and Diesel Prices - Just few days back the prices on petrol and diesel were declined, but now it is suspected to increase again as the excise duty on both the fuels have been hiked. The government on Saturday (14.03, 2020) hiked excise duty on petrol and diesel by a steep of Rs 3 per litre.
Retail prices of petrol and diesel will not be impacted by the tax changes as state-owned oil firms adjusted them against the recent fall in oil prices and the likely trend in the near future said by the industry officials.
The special excise duty on petrol was hiked by Rs 2 to Rs 8 per litre in case of petrol and from Rs 2 to Rs 4 a litre in case of diesel. In addition to it, road cess was raised by Re 1 per litre each on petrol and diesel to Rs 10. With these changes, the total rate of excise duty on petrol has risen to Rs 22.98 per litre and that on diesel to Rs 18.83.
The crude oil prices benchmark have halved since January 2020, to USD 32 per drum. Accordingly, in sync with this, the prices of petrol and diesel have also come down by more than Rs 6 per litre (from Rs 76.01 a litre on January 11, 2020 to Rs 69.87 a litre on March 14 for petrol, and from Rs 69.17 to Rs 62.58 for diesel during the same period in Delhi).
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