Excise duty on petrol hiked by Rs 10, diesel by Rs 13

The government on Tuesday evening hiked excise duty by a record Rs 10 per litre on petrol and Rs 13 per litre on diesel to garner Rs 1.6 lakh crore additional revenue as it repeated its time-tested formula of not passing on gains arising from a slump in international oil prices. Government sources said the Centre has taken this step of increasing duty to raise some revenue in view of a tight fiscal situation.

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