Govt hikes excise duty on petrol by Rs 10/L, diesel by Rs 13/L

New Delhi, May 5 () The government on Tuesday night hiked the excise duty on petrol by steep Rs 10 per litre and that on diesel by Rs 13 a litre.

The hike in duty has taken away gains from falling global crude oil prices.

Last month, benchmark Brent crude oil dropped to as low as USD 18.10 per barrel - the lowest since 1999, as coronavirus wiped away demand, creating large surpluses around the globe.

Prices have since rebounded to around USD 28 a barrel. ANZ MRMR