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1.Government on Saturday hiked excise duty on petrol by Rs 0.37 per litre and by Rs 2 a litre on diesel, the second increase in duties in just over two weeks, to mop up a little less than Rs 4,400 crore.
2.The increase in excise duty will fetch the government over Rs 4,300 crore on diesel and about Rs 80 crore on petrol.
3.This is the second time in less than three weeks that excise duty is being hiked to make use of the slump in oil prices to garner resources for the government without burdening consumers.
4.The four excise duty hikes during this period totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. It led to about Rs 20,000 crore in additional revenue to the government, helping it meet its fiscal deficit target.