India Announces Hike in Excise Duties on Petrol and Diesel
| Category | Details |
|---|---|
| Announcement Date | April 7, 2025 |
| Effective Date | April 8, 2025 |
| Authority | Revenue Department, Ministry of Finance |
| Excise Duty Hike | Petrol: ₹2 increase (now ₹13/litre); Diesel: ₹2 increase (now ₹10/litre) |
| Retail Prices | No change; OMCs (e.g., IOCL, BPCL, HPCL) to absorb the cost increase |
| Public Assurance | Ministry of Petroleum confirmed stable prices on social media (X) |
| Market Context | Global oil price fluctuations due to US tariff policies (34% on US goods) and OPEC+ output adjustments |
| OPEC+ Action | Increased output to 411,000 barrels/day (May 2025), up from 135,000 barrels/day |