India Hikes Excise Duty on Fuels as Oil Prices Plummet

India Hikes Excise Duty on Fuels as Oil Prices Plummet

India is raising the excise duty on gasoline and diesel effective April 8, the government said on Monday, but noted that the increase in the excise duty would not be felt at the pump. The rise in the excise duty will not raise retail gasoline and diesel prices as it would be borne by oil marketing companies and would be adjusted against the price cut that was warranted because of falling international oil prices. India has regularly raised the e…

India Increases Taxes on Fuels While Keeping Pump Prices Steady

India increased taxes on diesel and gasoline by 2 rupees a liter beginning Tuesday, a step that will help boost its revenue amid falling global crude oil prices.

Excise duty on petrol, diesel increased by Rs 2; no impact on consumers

The move comes at a time when global crude oil prices are actually on a downward trend, driven by fears of a global trade war sparked by the US administration’s reciprocal tariffs.

Rise in LPG, Diesel, and Petrol Price Amid Cheaper Crude Oil.

The government has increased excise duty on petrol and diesel by Rs 2 per litre and the price of LPG by Rs 50 per cylinder to increase the revenues due to falling global crude prices. The motive behind this move is to balance the financial impact of the reduction in tax and windfall tax. The persistence of low crude price suggests potential future fuel price reductions according to the Ministry of Petroleum and natural gas. The Modi government r…

HPCL 'Key' Pick, Emkay Says, As Analysts See OMCs In 'Sweet Spot'

Oil marketing companies may be in a sweet spot despite Monday’s excise duty hike, with brokerages agreeing that strong margins and soft crude prices make this a favourable setup. Both Morgan Stanley and Emkay Global said the move strengthens earnings visibility for fuel retailers without denting demand, as pump prices remain unchanged.Morgan Stanley described the excise duty hike and the latest increase in cooking gas prices as bullish for oil m…

Indian basket crude oil price down 17% between Apr 2024 – Apr 2025, Centre hikes Rs 2/lit excise duty for windfall gain

Bhubaneswar: With the Indian Basket crude oil on April 4 dropping to $69.94/bbl, the Modi govt Monday announced an hike in basic excise duty on petrol and diesel by Rs 2/litre. Though any increase in basic excise duty would lead to jacking up retail prices of the two fuel commodities – petrol and diesel, the Ministry of Petroleum and Natural Gases has discounted any rise in retail prices of the two fuel oils.The MoPNG posted a statement on X, wh…