🚨 Fuel Shock! Govt Hikes Petrol & Diesel Excise Duty by ₹2/Litre 🚗⛽
- MediaFx
- 6 hours ago
- 2 min read
TL;DR: The Indian government has increased the excise duty on petrol and diesel by ₹2 per litre, effective April 8, 2025. Officials assure that this hike won't affect consumer prices, as oil companies will absorb the cost. However, the move has sparked criticism from opposition parties amid declining global oil prices.
Hey folks! Big news on the fuel front! The Indian government just announced a ₹2 per litre hike in excise duty on both petrol and diesel, starting April 8, 2025. But don't freak out yet! The Oil Ministry promises that this won't burn a hole in your pocket, as the oil marketing companies (OMCs) will bear the brunt of this increase.
What's the deal?
With global oil prices taking a nosedive—Brent crude futures dropped by $2.23 to $63.35 a barrel, and WTI futures slid by $2.22 to $59.77—the government saw an opportunity to boost its revenue without passing the burden onto us, the consumers.
Opposition's Take:
Not everyone's buying it, though. Congress President Mallikarjun Kharge slammed the move, pointing out that since May 2014, crude oil prices have fallen by 41%. He questioned why these benefits aren't being passed down to the common people.
Stock Market Reaction:
The stock market felt the tremors too. Shares of major OMCs took a hit:
Reliance Industries dipped by 2.80% to ₹1,170.95
Indian Oil fell by 1.65% to ₹128
Hindustan Petroleum dropped by 2.75% to ₹348.20
Bharat Petroleum decreased by 1.34% to ₹275.65
MediaFx Opinion:
While the government's move to increase excise duty might seem like a strategic play to bolster revenue without directly impacting consumers, it's essential to question the broader implications. In times of declining global oil prices, the working class should ideally benefit from reduced fuel costs, leading to lower transportation expenses and overall living costs. However, by absorbing the price reduction through increased duties, the government appears to prioritize revenue over the immediate welfare of its citizens. This approach raises concerns about economic policies that may favor fiscal metrics over the everyday struggles of the common people. It's crucial for policies to reflect a balance that genuinely supports the working class and promotes equitable economic growth.
What are your thoughts on this fuel duty hike? Do you think it's a fair move, or should the benefits of lower global oil prices be passed on to consumers? Drop your comments below and let's get the conversation started! 🗣️💬
