Govt Increases Excise Duty By Rs 2 Each On Petrol And Diesel

In a fresh move, the government has increased excise duty on petrol and diesel by Rs 2 per litre. The increase in excise duty would in normal course result in a hike in petrol and diesel prices but most of it would be adjusted against the fall in rates that would have necessitated because of slump in international oil prices. The changes are set to take place from Tuesday.  Although the government aims to increase revenues, the timing has raised concerns, particularly given the uncertainty surrounding Donald Trump's tariffs. Higher fuel costs could put additional pressure on household budgets and lead to higher transportation and commodity prices.