Duty hike on petrol, diesel to fetch Rs 10,500 cr this fiscal

The government will get an additional Rs 10,500 crore in the current fiscal from hike in excise duty on petrol and diesel.
Finance Minister Arun Jaitley told the Rajya Sabha in a written reply that excise duty hike on November 12 and December 2 will fetch the exchequer Rs 6,000 crore and Rs 4,500 crore respectively in the remaining months of the fiscal, ending March 31, 2015.
The government had raised the excise duty in two tranches on November 12 and December 2 in view of the decline in prices of crude oil in the international market.
It hiked excise duty by Rs 1.50 a litre on both the fuels on November 12. Later, on December 2, the duty on petrol was hiked by Rs 2.25 per litre and on diesel by Re 1 a litre.

"There will be no impact on the retail price of petrol and diesel on account of the increase in excise duty on petrol and diesel," Jaitley said.