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  Business   In Other News  06 May 2020  Consumers won't benefit from lower crude oil prices as govt hikes taxes on fuel

Consumers won't benefit from lower crude oil prices as govt hikes taxes on fuel

REUTERS
Published : May 6, 2020, 10:27 am IST
Updated : May 7, 2020, 1:12 pm IST

Taxes and duties on petrol and diesel were increased by 10 rupees/litre and 13 rupees/litre, respectively

 India hikes taxes on petrol, diese. (PTI Photo)
  India hikes taxes on petrol, diese. (PTI Photo)

NEW DELHI: India late on Tuesday increased its taxes and duties on petrol and diesel instead of passing on the benefit of lower crude oil prices to consumers, as the government moves to raise revenues in an economy that ground to a halt in the coronavirus crisis.

Taxes and duties on petrol and diesel were increased by 10 rupees/litre and 13 rupees/litre, respectively, but the federal government said in a statement that local pump prices would not be affected.

 

India pegs retail prices of petrol and diesel to moves in the international markets, where prices of fuel have declined substantially amid the slump in global crude oil demand.

Some state governments earlier on Tuesday sharply raised taxes on alcohol in a bid to bolster their own coffers that have also taken a hit amid the nationwide lockdown that began on March 25.

India reported more than 3,900 new infections of the novel coronavirus on Tuesday marking its highest single day increase in cases, and taking its tally to 46,711. The death toll in India stood at 1,583 people, the health ministry said.

Tags: taxes and duties, petrol and diesel, crude oil prices, coronavirus crisis, petrol, diesel, crude oil demand, nationwide lockdown
Location: India, Delhi, New Delhi