News Brief | February 2016
Petrol, diesel excise hike to add Rs.10,000 cr to govt coffers
Hike in excise duty on petrol and diesel, three times in quick succession, will help the government garner an additional Rs.10,000 crore in the fiscal and partly make up for the shortfall in disinvestment receipts and direct tax collections.
But for the excise duty hike, petrol and diesel would be selling at around Rs.49.05 and Rs.35.06 per litre, respectively (in Delhi).
Petrol currently costs Rs.59.35 per litre in Delhi while diesel is priced at Rs.45.03 a litre. The higher realisation will come handy to the government to maintain fiscal deficit at 3.9% of GDP 2015-16.