Govt hikes excise duty on petrol, diesel

The government on Tuesday imposed excise duty of Rs 2.25 per litre on petrol, 1 rupee per litre on diesel.

There will be no impact on retail prices of petrol and diesel due to hike in excise duty, sources said.

The move comes after the government raised excise duty on the two fuels to mop up an additional revenue of about Rs 13,000 crore on November 13 but the effect of the levy was not passed on to the consumers.

The fall in international oil prices has resulted in 7 consecutive reduction in petrol prices since August and 3 in diesel in the last one month.