Excise Duty Exceeds Cost Of Fuel Production In India

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Frequent hikes in excise duty which have occured five times in a year, has caused the amount of taxes to exceed the total cost of production of petrol/diesel in India. The government has hiked prices of both petrol and diesel 5 times over the past year The government has been increasing excise duty on fuel constantly, with the most recent hike being on 7th November where excise duty of petrol was increased by Rs. 1.60/- per litre and by 40 paise on diesel. The basic excise duty of unbranded or normal petrol was hiked from Rs....