Fuel excise duties

NEW DELHI: India on Wednesday raised excise duty on diesel by INR 1.17 per litre and on petrol by 30 paisa per litre, local media reported. The hike seeks to take advantage of a slump in global crude oil prices to shore up government revenues without stoking inflation. Television channel CNBC-TV18 reported quoting Finance Minister Arun Jaitley that the latest increase will help collect INR 25 billion. Earlier, state-run Indian Oil Corp decreased the price of diesel by about one per cent and that of petrol by 0.8 per cent, reflecting changes in global fuel prices. — Reuters