After the price hike, the weight on the customers’ pockets will increase.
On Monday, the government has announced an increase in excise duty by Rs 2 per liter on petrol and diesel. The government has taken this decision between the ongoing fluctuations in global oil prices and the tariff of Trump. According to the ANI news, the notification of the Revenue Department states that the central government has increased the excise duty of Rs 2-2 on petrol and diesel. According to the news, excise duty on petrol has been increased to Rs 13 per liter and diesel by Rs 10 per liter. This news does not need to panic the retail customers, as the Ministry of Petroleum and Natural Gas has stated that there will be no increase in retail prices of petrol and diesel after the increase in excise rates today.
Retail price in Delhi
The price of petrol in Delhi today is ₹ 94.77 per liter, while the price of one liter of diesel is ₹ 87.67 per liter. The notification issued states that under Section 5A of the Central Excise Act, 1944 and Section 147 of the Finance Act, 2002, the Central Government has increased the fees in public interest. In the last few days, due to the fall in crude oil prices internationally, petrol and diesel were expected to cut retail prices, but now the possibility of this has reduced due to increase in excise duty.
Petroleum Minister’s statement
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that you must have seen a notification of the Ministry of Finance, stating that excise duty on petrol and diesel is being increased by Rs 2. Let me make it clear on the record that its burden will not be put on consumers. The international price of crude oil has come down to around $ 60 per barrel, but please remember that our oil marketing companies keep stock for a period of 45 days. If you go back in January, then the price of crude oil at that time was $ 83, which later decreased to $ 75. Therefore, the crude oil stock they have is an average of $ 75 per barrel. You can expect oil marketing companies to reduce petrol and diesel prices according to the global price. In a regulation -free area, you can expect them to adjust the market retail price accordingly.
Foreign currency of ₹ 1,20,000 crore saved
Petroleum and Natural Gas Minister Hardeep Singh Puri had said a few days ago that due to the Ethanol Mixed Petrol (EBP) program, farmers were paid more than Rs 1,04,000 crore immediately from 2014-15 to January 2025, while foreign currency of more than Rs 1,20,000 crore was also saved. Ethanol Supply Year (ESY) In 2013-14, the ethanol mixture in petrol was 38 crore liters, which increased to 707 liters in 2023-24 as a result of the incentive given by the government. Puri said that during the ongoing ESY 2024-25, the oil companies in the government for February 2025 have achieved the target of 19.68 percent ethanol mixture.
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