New Delhi: Excise duty on Petrol and Diesel increased by Rs 3 a litre. The comes into effect on March 14.
The decision will help the government mop up additional money, as it battles weak revenues and an already-slow economy, which is likely to be hit further by the coronavirus outbreak.
The additional revenue inflow is seen at around Rs 2,000 crore per month, or Rs 36,000 a year.
Still, prices of petrol and diesel fell marginally today, as oil marketing companies (OMCs) likely chose to absorb the hike, and lower prices even beyond it.
Petrol in Delhi today stood at Rs 69.87 per litre while diesel is costing Rs 62.58 per litre.