Government not to hike excise duty on petrol and diesel

News:

• The government is not planning to raise excise duty on petrol and diesel to mop up gains accruing from oil prices that slumped to six-and- half year low.
• The government had in four installments raised excise duty on petrol and diesel between November and January to take away the reduction in retail rates that was warranted from falling international oil prices.
• The four excise duty hikes between November and January totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. But for the excise duty hikes, consumers would have benefited by reduction in retail rates to that extent.
• The drop in international oil prices will translate into further cut in retail selling price of petrol and diesel at the month end if the government was not to take away gain before that.

Source: ET