Govt petrol, excise duty on diesel fell 88% to 3.35 lakh cr in FY21

The Indian government has increased the collection of excise duties on gasoline and diesel by 88% 3.35 lakh million between April 2020 and March 2021. Rameswar Teli Oil and Natural Gas Minister told Lok Sabha on Monday that this was over 1.78 lakh million registered in FY20.

A special tax on gasoline was increased 19.98 per liter 2020.9,9. The Diesel Tax was raised From 31.8 15.83 per liter last year. In the 2018-19 fiscal year, there were collections of excise taxes on gasoline and diesel 2.13 lacro.

This increase in excise duties was allegedly made in an attempt to take advantage of the difference between domestic fuel prices and international oil prices. International crude prices fell for many years as the Covid-19 Pandemic massively affected fuel demand.

The collection of excise duties would have been even higher but last year the Nationwide Lockdown and subsequent local travel restrictions in Indian states affected the figures.

According to Finance and Finance Minister Pankaj Chaudhary, there were special tax collections in April-June 2021 1.01 lakh million. However, this number also includes ATF, natural gas and crude oil, along with gasoline and diesel.

The price of gasoline and diesel has several components. Most of the price components are attributed to central government and state taxes. While the central government imposes special taxes, state governments impose different amounts of VAT. Other price components include seller’s commission, freight charges, etc.

Gasoline and diesel prices have risen steadily in recent weeks. The price of gasoline per liter has been crossed 100 brands in various states and major cities. Diesel is also selling at a high rate across the country.

According to the government, the price of oil has risen 39 times this year, and the price of diesel has risen 36 times. During this period the price of diesel was reduced once, while diesel was reduced twice.

In the last financial year, the price of gasoline has risen 76 times and fallen 10 times. On the other hand, diesel increased 73 times and decreased 24 times. Meanwhile, a final price review was announced on Saturday. Oil companies refused to review engine fuel prices on Sunday and Monday.

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