7:00 pm - Thursday November 5, 2015

India hikes excise duties on diesel, petrol

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Centre may go for partial rollback of bulk diesel prices : PS Vivek Rae
Centre may go for partial rollback of bulk diesel prices : PS Vivek RaeThis has been done in the wake of increased international prices of gasoline and a spike in dealer commission, government and industry officials said.The revised cost of diesel from Friday midnight in Delhi would be Rs.53.76 per litre and Rs. 60.79 per litre in Mumbai.The dealers had asked for a hike in their commission on petrol and diesel by 48 paise/litre and 0.32 paisa/litre.

India on Tuesday raised excise duties on petrol by 2.25 rupees per litre and on diesel by 1 rupee per litre with immediate effect, the finance ministry said in a statement to parliament.

The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.

A source familiar with the matter said the latest measures were expected to raise an additional 40 billion rupees ($650 million) in the remainder of the fiscal year to the end of March 2015.

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