New Delhi, Jan. 30 (ANI): The government on Saturday hiked excise duty on petrol by one rupee per litre and by Rs 1.5 a litre on diesel.
The government’s move will help increase the revenue inflows which in turn will help the Centre to achieve its fiscal deficit target for financial year 2015-16.
This is the fourth time that excise duty is being hiked to make use of the slump in oil prices to garner resources for the government without burdening consumers.
The government had on January 15 hiked excise duty on petrol by Rs 0.75 per litre and by Rs 2 a litre on diesel.
Taken together with the November 7, 2015 increase in excise duty on petrol of Rs 1.60 per litre and diesel by 30 paise, this is the fifth hike in levies this fiscal. (ANI)