Will Petrol & Diesel Prices Rise After Centre Hikes Excise Duty By ₹2? Petroleum Ministry Clarifies

New Delhi: The Central Government on Monday increased excise duty by Rs 2 each on petrol and diesel. The Department of Revenue issued a notification in this regard.

As per the notification, the excise duty on petrol was increased to Rs 13 per litre and that on diesel to Rs 10. After the notification was issued, the Ministry of Petroleum and Natural Gas said that there would not be any increase in petrol and diesel prices.

Notification By Department of Revenue:

“PSU Oil Marketing Companies have informed that there will be no increase in retail prices of Petrol and Diesel, subsequent to the increase effected in Excise Duty Rates today,” the ministry said.

Ministry's Tweet:

The development came amid ongoing fluctuations in oil prices globally and tariffs imposed by US President Donald Trump.

Share Of Major Oil Marketing Companies Declined:

On Monday, shares of major oil marketing companies plunged on the Bombay Stock Exchange (BSE) Reliance Industries closed at RS 1170.95 with a decline of 2.80 per cent. Hindustan Petroleum declined by 2.27 per cent and closed at Rs 348.20, Indian Oil at Rs 128 with a 1.65 per cent decline. Bharat Petroleum shares tanked to Rs 275.65, registering a decline of 1.34 per cent.