NEW DELHI (Reuters) - India expects to raise around 60 billion rupees ($975 million) from a hike in excise duties on petrol and diesel and the money will partly cover a shortfall in revenue collection so far this fiscal year, a finance ministry source said on Thursday.
Earlier, the government has raised excise duty by 1.50 rupees a litre each for the two fuels.
"Excise duty on petrol and diesel has been hiked to partly cover shortfall in tax collections," a senior finance ministry official told Reuters on condition of anonymity as he is not authorised to speak to the media.
(1 US dollar = 61.5500 rupee)
(Reporting by Manoj Kumar; Writing by Tommy Wilkes; editing by Malini Menon)