Govt hikes excise duty on petrol, diesel; no impact on prices

New Delhi, Dec 2: The central government on Tuesday increased excise duty on petrol and diesel by Rs. 2.25 and Re. 1 a litre respectively. However, consumers will be spared of any price increase, according to official sources. The measure that comes at a time when crude oil prices are declining in the international market is bound to give a boost to government revenue and help it contain the fiscal deficit. The revised excise duty on the two petroleum products had come into effect from Tuesday, the sources added.