Amidst the on-going Coronavirus pandemic, the Indian government has taken a bold step and has decided to increase the excise duty on all petro-chemical substances including petrol and diesel by upto Rs. 8 in a bid places to fund the resources to fight the Coronavirus or the Covid-19 outbreak.
This decision taken by the government is rumoured to based on the amendments introduced in the Finance Bill 2020 under which the Finance Ministry has raised the excise duty on petrol and diesel by Rs 8 each.
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With the implementation of this new law coming in effect, it could mean that the initial prices of both petrol and diesel will rise by almost Rs. 5 and Rs 6 with the balance amount will be consumed by the oil companies. With this hike, the excise duty on petrol will increase Rs 22.98 per litre while diesel will rate at Rs 18.83 per litre.
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This has been the second instance in under a week where due to the ongoing coronavirus outbreak the government has raised the excise duty as just a few days ago the excise duty was increased to Rs 3 per litre and has reached the highest in the last five years.
Additionally, earlier the hike was not passed out on the consumer field but with the given situation we should stay prepared for the worst as we can easily expect another hike in the coming weeks due to the ongoing Coronavirus or Covid-19 outbreak.
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