petrol - diesel prices

petrol - diesel prices

Today, excise duty on petrol-diesel has been increased by Rs.  Petrol diesel prices were steadily falling due to global factors, including the economic downturn.  People were relieved to take it.  However, with the government now increasing excise duty, petrol-diesel prices have increased in most states.

Petrol-diesel price hikes again

Increase excise duty on petrol-diesel

Increase in excise duty by Rs 3 per liter

Petrol diesel will be expensive

The government on Saturday announced a hike in excise duty on petrol and diesel by Rs 2 and Rs 1 per liter on road and infra cess.  The government has issued this notification.  After this, the price of petrol diesel has increased by Rs 3 per liter across the country.

Why this decision was made

Due to this decision, the weakness in the economy as well as the government facing the recession will make it difficult to get more money.  The government has taken this decision due to the fall in oil prices in the international market.  However, this increase in companies that are generally reducing the prices of crude will put a huge burden on consumers.

Central and state governments can make more money by imposing tax on petrol
Almost half of the money in liter petrol goes into the pockets of governments like taxes.  It has a central excise duty of Rs.  Since 19.98, the revenue on diesel is Rs 15.83 per liter.  This is followed by VAT which varies from 6% to 39% in different states.

Extra tax levied by petrol and diesel as excise duty

The government fixes its financial position by raising taxes.  The last time crude oil prices fell sharply was between 2014 and 2016.  Instead of benefiting the common people, the government was increasingly taxing excise duty through petrol and diesel.
So much has been done so far

Between November 2014 and January 2016, the central government increased excise duty by 9 times and provided relief only once.  By doing this, between 2014/15 and 2018/19, the central government generated over one lakh crore rupees through tax on oil.

State governments also increase their income by increasing VAT on petrol and diesel.  In the year 2014/15 where VAT received Rs 1.3 lakh crore, it has increased to 1.8 lakh crore in 2017/18.  Last week, the Karnataka government announced raising the tax on petrol from 32% to 35% and diesel from 21% to 24%.

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