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Rs 2 Per Litre Additional Excise Duty On Petrol, Diesel Put Off By 1 Month: Report
Branded petrol will attract Rs 4.60 a litre excise duty as against Rs 2.60 currently. The finance ministry, in a Gazette notification issued late on Friday (September 30), stated that the additional excise tax will now be levied from November 1, 2022. In the September 30 notification, her ministry stated that "petrol which is intended for retail sale, not so blended with ethanol or methanol" will attract Rs 3.40 per litre basic excise duty effective November 1, 2022, instead of Rs 1.40 a litre currently. Branded diesel will attract Rs 6.20 a litre basic excise levy as against Rs 4.20 currently. While the additional duty will push oil companies to procure more ethanol for mixing in petrol and arrange for logistics for transporting to deficient areas, it is unlikely that the country will be able to build infrastructure to manufacture bio-diesel in the scale needed for blending in diesel, industry officials said. 10 per cent ethanol blending was achieved earlier this year. Source: NDTV #Petrol #Diesel
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