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Petrol & Diesel prices hiked two days in a row

Fuel prices have gone up for the second day in a row. Petrol and diesel prices were hiked by Rs. 0.60 per litre on Sunday. On Monday too, fuel prices went up by Rs. 0.60 per litre.

On March 14, 2020, the government had hiked excise duty on petrol and diesel by Rs. 3 per litre. Following this, the oil companies had put daily price revisions on hold. Also, the tax hike was not passed on to the consumers.

The hike in excise duty was offset against the decline in international crude oil prices that hit a 2 decade low in April this year. The cost of an upgrade to BS6-grade fuel (Rs. 1 per litre) was also adjusted.

In addition to the excise duty, the hike in VAT by state governments has also been passed onto the consumers.

Source

 
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