Government today hiked the excise duty on petrol by 30 paise a litre and diesel by 1 rupee 17 paise per litre. It will mop up an additional revenue of Rs 2,500 crore to meet budgetary targets.<br/>Yesterday, Petrol price was cut by 50 paise and diesel by 46 paise a litre by oil marketing companies.<br/><br/>Oil prices, which were hovering around 95 to 105 dollars in January 2014, began declining around October last year and have been on a downward spiral since then. Rates of crude oil have hit 11-year low of less than 35 dollars per barrel.