Govt hikes excise duty on petrol by Rs 10/L, diesel by Rs 13/L
May 5, 2020, 23:42 IST
New Delhi, May 5 () The government on Tuesday night hiked the excise duty on petrol by steep Rs 10 per litre and that on diesel by Rs 13 a litre.
The hike in duty has taken away gains from falling global crude oil prices.
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Last month, benchmark Brent crude oil dropped to as low as USD 18.10 per barrel - the lowest since 1999, as coronavirus wiped away demand, creating large surpluses around the globe.
Prices have since rebounded to around USD 28 a barrel. ANZ MRMR(This story has not been edited by www.businessinsider.in and is auto–generated from a syndicated feed we subscribe to.)