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Govt hikes excise on petrol, diesel by Rs 1.50 per litre

The increase in price will be passed onto the consumers so that the government can keep it coffers healthy and meet the fiscal deficit target of 4.1 percent of the GDP.

The government on Thursday hiked the excise duty on petrol and diesel prices by Rs 1.50 per litre. This means the review that oil marketing companies were expected to take up, which would have led into another price cut for both diesel and petrol on the back of softening crude, is just out of the window. 

The increase in price is likely to be passed onto consumers so that the government can keep it coffers healthy and meet the fiscal deficit target of 4.1 percent of the GDP. 

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