The government hopes to garner additional Rs 6,000-7,000 crore through this third hike.
The government on Thursday raised excise duty on petrol and diesel by Rs 2 per litre each.
According to an official statement, the hike in basic excise duty on petrol and diesel (both branded and unbranded) will aid in funding the government's ambitious infrastructure development programme, particularly building of 15000-kms of roads, during current and next financial year.
The hike in rates will come into effect from the midnight (January 2, 2015), said the statement, adding that there will be no change in other excise duty rates applicable to these commodities.
This is the third excise duty hike since November, which will help government raise additional Rs 6,000-7,000 crore during remaining three months of the current fiscal.
"Allocation of these resources to the road sector will also spur economic activity and employment generation arising from the road construction sector," the statement said.
IOC stock price
On January 01, 2015, Indian Oil Corporation closed at Rs 336.55, up Rs 4.95, or 1.49 percent. The 52-week high of the share was Rs 410.90 and the 52-week low was Rs 194.50.
The company's trailing 12-month (TTM) EPS was at Rs 41.40 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 8.13. The latest book value of the company is Rs 271.80 per share. At current value, the price-to-book value of the company is 1.24.
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