New Delhi: Ahead of the budget, the union government on Saturday hiked the excise duty on petrol by Re 1 per Litre and on diesel by Rs 1.50 per litre.
The hike will not result in any increase in retail selling price of the two fuels, as it would adjust against the reduction in rates that may have been possible because of the slide in international oil prices.
This is the third increase this month and will help the government to fetch over Rs 3,200 crore in additional revenue, netting in all Rs 17,000 crore in three months.
Earlier, the government on January 16 had hiked the excise duty on petrol by Rs 0.75 per litre and Rs 2 per litre on diesel to mop up over Rs 3,700 crore in additional revenue.
Prior to that, Centre on January 2 had hiked the excise duty on petrol by Rs 0.37 per litre and on diesel by Rs 2 per litre.
(With agency inputs)