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New Delhi, April 7 — In a move aimed at boosting government revenue, the Centre has increased the excise duty on petrol and diesel by ₹2 per litre. The revised rates came into effect immediately following the official notification issued late Monday evening.
According to officials from the Ministry of Finance, the decision is part of the government’s broader fiscal strategy to manage budgetary pressures and fund key development initiatives. The increase in excise duty is expected to generate additional revenue running into thousands of crores annually.
Despite the hike, government sources indicated that current global crude oil prices have provided some cushion, minimizing the direct impact on retail fuel prices. However, oil marketing companies may still pass on part or all of the increased cost to consumers, depending on market dynamics.
This is the first such increase in excise duty in the current financial year, and it comes at a time when the government is grappling with increased expenditure on subsidies and welfare programs.Petrol,
Opposition parties have criticized the move, calling it an added burden on the common man already dealing with inflationary pressures. Meanwhile, economic analysts suggest the government is walking a fine line between fiscal consolidation and consumer sentiment.
More updates are expected from the Petroleum Ministry regarding any changes in pricing mechanisms or subsidy adjustments in the coming days.
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