Union Budget 2015-16 India Update : Excise hike on petrol, diesel to add Rs 20,250 cr

The government will yield an additional Rs 20,250 crore this fiscal from the excise duty hiked on petrol and diesel, said Minister of State for Finance Jayant Sinha in a written reply to the Rajya Sabha.

This is the first time the government has stated just how much it stands to gain from the excise duty hike. It has raised the excise duty on petrol and diesel four times since November, a move that prevented consumers from enjoying the full benefit of 60 percent fall in crude prices.

The basic excise duty on branded & unbranded petrol stands at Rs 8.95/litre and Rs 10.10/litre, respectively, Sinha informed Rajya Sabha.

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