MUMBAI India on Saturday raised excise duty on diesel by 2 rupees a litre and on petrol by 37 paise per litre, local media reported.
Petrol and Diesel prices across the country have dropped by 63 paisa and Rs 1.06 a litre respectively.
The state-owned oil marketing companies today reduced the retail selling price of petrol by Re.
The hike seeks to take advantage of a slump in global crude oil prices to shore up government revenues without stoking inflation.
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Government lowered petrol and diesel prices by ten percent during the course of 2015 while in worldwide market the prices fell by 37 percent.
Diesel (0.05% Sulphur) will decrease by 76.00 cents/ litre.
Within the three increases, the federal government is likely to MOP-up crore to meet up its financial shortfall. It led to about Rs 22,000 crore in additional revenues to the government, helping it meet its fiscal deficit target.
Prime Minister Nawaz Sharif has given new year’s gift to the people of Pakistan by announcing that petrol prices would remain unchanged for the month of January, 2016.
The four excise duty walks during this time period totalled Rs 7.75 per Rs 6.50 a litre and litre on gas.