Excise duty hike on fuels to net Centre Rs 3,000 crore more

For the fourth time since November, the government on Friday hiked excise duty on both petrol and diesel by R2 per litre. Oil marketing companies, which absorbed the previous tax increases even while deferring price cuts corresponding to the fall in crude oil prices, reduced prices of petrol and diesel by R2.42 a litre and R2.25 a litre, respectively, effective January 17.

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