There is big news regarding the prices of petrol and diesel. The central government has increased the excise duty on petrol and diesel by Rs 2. The revenue department has issued a notification in this regard.

However, the public sector oil marketing companies (PSU oil marketing companies) have announced that there will be no increase in the retail prices of petrol and diesel from today despite the increase in excise duty rates. This decision has brought relief news for consumers, as usually the increase in excise duty has a direct impact on fuel prices.

Oil marketing companies, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL), have made it clear that they will bear the burden of this additional tax for the time being. This means that fuel prices at petrol pumps will remain stable for the time being. This decision has been taken at a time when crude oil prices are fluctuating in the global market and the demand for fuel in India is continuously increasing.

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