Despite massive dip in global oil prices, petrol and diesel prices in India have not seen a revision as the government looks to hike levies on auto fuels to boost its war chest to fight the coronavirus outbreak.
According to a report in Hindustan Times, government officials and company executives said prices of auto fuels have been frozen since March 16 to allow refiners make up for inventory losses.
The Centre is reportedly looking at raising excise duty on both petrol and diesel so that some extra revenue can be earned to tackle the coronavirus-induced disruptions.
Excise duty on both fuels was last raised by Rs 3 per litre on March 14.
According to the latest official data, which comes with a lag, India’s average crude oil purchase price (Indian basket) also fell sharply to Rs 1,805.22 per barrel on March 27 compared to Rs 2,272.08 per barrel on March 16, when the companies had last slashed prices of petrol and diesel by 16 paise per litre and 15 paise a litre, respectively.Follow our full coverage here