The Indian government has announced that state-owned oil marketing companies will not increase the retail prices of petrol and diesel, even after the recent hike in excise duty rates. This decision aims to shield consumers from the impact of rising global oil prices while maintaining fiscal stability.
- The excise duty on petrol has been increased to Rs 13 per litre, and on diesel to Rs 10 per litre, effective April 8, 2025.
- Despite the hike, retail prices of petrol and diesel will remain unchanged, ensuring affordability for consumers.
- The government has emphasized that the increased excise duty will be absorbed without passing the burden onto end-users.
- This move reflects the government's commitment to balancing revenue generation with consumer welfare amidst fluctuating global oil prices.
Sources: Economic Times, Moneycontrol, Reuters.