Excise hike on transport fuels to fetch Rs.10,500 crore in fiscal

New Delhi, Dec 9: The government's recent hiking of excise duty on petrol and diesel will fetch it an additional Rs.10,500 crore in the current fiscal, Finance Minister Arun Jaitley said Tuesday. Jaitley said in a written reply in the Rajya Sabha that excise duty hikes imposed in November and December will respectively get the exchequer Rs.6,000 crore and Rs.4,500 crore in the remaining months of the current fiscal ending March 31 next year. To make up for fall in taxes due to the sustained decline in international crude oil prices, the government hiked excise duty by Rs 1.50 a litre on both the fuels first on Nov 12. Later, on December 2, the duty on petrol was hiked by Rs.2.25 per litre and on diesel by Re.1 a litre.