News on Petrol and Oil prices

Excise Duty Hike on Petrol and Diesel The government on Monday decided to raise excise duty on petrol and diesel by Rs 2, respectively. "The (upwardly) revised excise duty will come into effect on April 8, 2025. The excise duty on petrol was increased to Rs 13 per litre and that on diesel to Rs 10," a notification issued by the Department of Revenue stated. Impact on OMCs and Retail Prices However, state-owned oil marketing companies (OMCs) have informed that there would be no increase in retail prices of petrol and diesel, following the uptick in excise duty rates. The fuel excise hike announcement came after market hours today. Shares of these PSU oil players, including

Ltd (IOCL), Ltd (BPCL) and n Ltd (HPCL), are likely to be in focus on Tuesday as weak gross refining margins (GRMs) have dragged down profits of OMCs in the past. Global Oil Price Trends and India's Dependence Brent crude prices have slumped to their lowest since April 2021 as escalating trade tensions between the United States and China stoked fears of a recession that could cut oil demand. Last seen on Monday, Brent futures slipped $2.43 or 3.7 per cent to $63.15 a barrel while US West Texas Intermediate (WTI) crude futures were down $2.42 or 3.9 per cent at $59.57. India is 85 per cent dependent on imports to meet its crude oil requirements. The government, led by Prime Minister Narendra Modi, during its 11-year rule hiked excise duty whenever the global oil prices fell. Currently, petrol costs Rs 94.77 a litre in Delhi while Diesel is sold at Rs 87.67 per litre.