India raises excise duties on diesel, petrol

NEW DELHI: India on Wednesday raised excise duty on diesel by 1.17 rupees ($0.0175) per litre and on petrol by 30 paise 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 25 billion rupees.

Earlier, state-run Indian Oil Corp has decreased the price of diesel by about 1 percent and that of petrol by 0.8 percent, reflecting changes in global fuel prices.