India Hikes Excise Duty on Fuels as Oil Prices Plummet

India is raising the excise duty on gasoline and diesel effective April 8, the government said on Monday, but noted that the increase in the excise duty would not be felt at the pump. The rise in the excise duty will not raise retail gasoline and diesel prices as it would be borne by oil marketing companies and would be adjusted against the price cut that was warranted because of falling international oil prices. India has regularly raised the excise duty on fuels when international oil prices drop significantly. Since the middle of last week,…