• Source:JND
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Excise Duty Hiked On Petrol And Diesel: In a fresh move, the government has increased excise duty on petrol and diesel by Rs 2 per litre, according to a circular issued by the Ministry of Finance on Monday. The decision to increase the excise duty comes amid high volatility in global oil prices due to geo-political developments. The hike in petrol and diesel prices will come into effect from April 8, the govern notification said.

However, the hike would not cost the pocket of retail consumers, the Ministry of Petroleum and Natural Gas informed that public sector oil marketing companies (OMCs) have been asked to not increase in retail prices of petrol and diesel. 

"PSU Oil Marketing Companies have informed that there will be no increase in retail prices of Petrol and Diesel, after the increase effected in Excise Duty Rates today," The Ministry of Petroleum said in a post on the official X handle.

Meanwhile, shares of significant oil marketing firms fell significantly in today's trade. Indian Oil dropped 1.65% to Rs 128; Hindustan Petroleum dropped 2.75% to Rs 348.20; Bharat Petroleum ended the day at Rs 275.65, down 1.34%; and Reliance Industries closed at Rs 1170.95, down 2.80%.

Domestc fuel prices

Domestic fuel prices, meanwhile, did not change. Diesel was priced at Rs 87.62 per litre and petrol at Rs 94.72 per litre in Delhi. Diesel was priced at Rs 92.15 and petrol at Rs 104.21 in Mumbai. Other metro areas also saw no change in prices: in Chennai, petrol was priced at Rs 100.75 and diesel at Rs 92.34, whereas in Kolkata, the prices were Rs 103.94 and Rs 90.76, respectively.

Internationally, US crude was down 6.92% at $62.32 a barrel. However, Brent crude rose 0.73% to $66.06 a barrel in London.