Excise Duty Hike on Petrol and Diesel

The Central government of India has announced an increase in excise duty by Rs 2 each on petrol and diesel, effective from April 8. This move adjusts the excise duty on petrol to Rs 13 per litre and on diesel to Rs 10 per litre.

Impact on Retail Prices

Despite the hike, the Ministry of Petroleum & Natural Gas has assured that there will be no immediate increase in retail prices of petrol and diesel. This decision comes amidst fluctuating global crude oil prices and changing dynamics in the international oil market.

Global Oil Market Dynamics

Crude oil prices have seen a significant drop following actions by the US President, sparking concerns over a potential decrease in demand. Meanwhile, OPEC+ has decided to increase its output, signaling a complex period ahead for global oil markets.