Shock: Centre Increases Excise Duty on Petrol and Diesel

The central government has delivered a shock to vehicle owners by increasing the excise duty on petrol and diesel, which had remained stable for a long time. The excise duty has been raised by Rs 2, and this hike will be implemented nationwide.

Currently, in Hyderabad, the price of petrol per litre is Rs 107.66, and diesel is priced at Rs 95.82. With the increase in excise duty, the price of petrol will rise to Rs 109.66 per litre, and diesel will cost Rs 97.82. In Vijayawada, the price of petrol per litre is Rs 109.76, and diesel is Rs 97.51. Following the excise duty hike, petrol prices will reach Rs 111.76, and diesel will cost Rs 99.51 per litre.

Meanwhile, amid global economic concerns such as the US-China trade war, fears of an economic slowdown, and OPEC Plus' increase in production, crude oil prices have been falling significantly in recent weeks. The price has dropped by nearly $10 in just one week, reaching its lowest point in three years. Despite the decline in global crude oil prices, there has been no reduction in domestic petrol and diesel prices.

With the falling international crude oil prices, the public had hoped that petrol prices might decrease, but the central government has given them a shock with the excise duty hike, raising the cost of petrol and diesel by Rs 2.