Government has hiked the excise duty on petrol, diesel by Rs 3 per litre. The move has come just days after when petrol, diesel prices were reduced by more than Rs 2 per litre amid a decrease a global demand amid coronavirus epidemic.
The special excise duty on petrol was raised by Rs 2 to Rs 8 per litre and Rs 4 for diesel. Meanwhile, road cess on petrol was hiked by Rs 1 per litre and Rs 10 on diesel.
Petrol cut by Rs 2.69, diesel by Rs 2.33 per litre
On March 11, Petrol price was cut by 2.69, to Rs 70.29 per litre while diesel prices were reduced by Rs 2.33 at Rs 63.01.
International crude oil prices tumbled the most in decades overnight on Sunday. The collapse was triggered by sinking demand due to coronavirus scare worldwide.
On Monday, the Petrol prices slipped below Rs 71 mark, the first time in eight months.
International oil prices crashed by close to 31 per cent, the second-largest margin on record, after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia.