Excise hike on petrol and diesel will benefit corporates: Yechury

Communist Party of India (Marxist) leader Sitaram Yechury on Tuesday said the hike on excise duty of petrol and diesel prices by the Centre will benefit only oil companies, corporate and multinationals.

"The benefit of slashed prices of petrol and diesel in international market has not been penetrated to the common man. Here, the prices have slashed down by less than Re 1. The amount of increased excise duty will go to industrialists. All the benefits will go to corporates, foreign companies and oil companies but not to the public," Yechury told ANI.

Yechury's remarks came after earlier in the day, the Centre announced the raising of excise duty of petrol and diesel by Rs 2.25 per litre and Rs 1 per litre respectively, effective from 12 midnight.

According to reports, the latest round of hike in excise duty has been affected to help the government generate funds for itself. However, this hike will not have an effect on consumers.