In order to tackle the economic fallout of the coronavirus outbreak, the government on May 5 hiked excise duty on petrol and diesel by Rs 10 and Rs 13 respectively.
The hike in duty has taken away gains from falling global crude oil prices.
These duty rate changes will come into effect from May 6.
However, the move will not impact consumers.
A government official told CNBC-TV18 that the price hike will be absorbed by OMCs.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
"The MRP of petrol and diesel will continue to remain the same," the official said.
Earlier on May 5, the Aam Aadmi Party-led Delhi government hiked value-added tax (VAT) on petrol and diesel by Rs 1.67 a litre and by Rs 7.10 a litre, respectively.
After the hike, petrol in Delhi is now available for Rs 71.26 a litre while diesel is available for Rs 69.39 a litre.
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