Excise duty hike on petrol, diesel to cost OMCs Rs 10,000 cr this year Oil-marketing companies (OMCs) are likely to pay the price of the government’s desire to correct fiscal health by levying higher excise on petrol and diesel. Within a span of three weeks, the excise duty on petrol has been raised by Rs 3.75 a litre and that on diesel has risen by Rs 2.5 a litre.An increase in duty on the two automobile fuels means OMCs will have to take a hit of over Rs 10,000 crore in the rest of the financial year, since they offset the duty hike against margins on retail prices.
Posted on: Fri, 05 Dec 2014 06:19:45 +0000
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