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Last Updated : Apr 23, 2020 03:29 PM IST | Source: Moneycontrol.com

Government may go for another excise duty hike on petrol, diesel after lockdown: Report

"There may be marginal hike in excise duty to offset revenue loss due to lack of demand. Discussions are being held internally," a government official said.

The Centre is considering another excise duty hike on petrol and diesel to offset revenue loss, according to a report in Business Standard.

"There may be marginal hike in excise duty to offset revenue loss due to lack of demand. Discussions are being held internally," a government official told the publication.

The hike might be notified after the nationwide lockdown is lifted and economic activity resumes significantly, the report said.

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Moneycontrol could not independently verify the report.

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On March 14, the Centre had raised the excise duty on petrol and diesel by Rs 3 per litre each.

Former finance secretary Subhash Chandra Garg on April 16 said the government may see a shortfall of around Rs 10 lakh crore in FY21 due to the COVID-19 outbreak.

"It may be notified once the economic activity restarts more substantially," the official said.

The Indian crude oil basket, weighted average of Dubai, Oman and Brent Crude had fallen to around $16 a barrel on April 21.

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First Published on Apr 23, 2020 03:19 pm
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