Excise duty on petrol was Rs 9.48 per litre and Rs 3.56 on diesel when BJP got here to energy in 2014 earlier than it rose to a file Rs 32.98 and Rs 31.83, respectively, in May 2020, Parliament was knowledgeable on Monday.
Excise duty on petrol and diesel was minimize by Rs 13 a litre and Rs 16, respectively, between November 2021 and May 2022, in accordance with a written reply by Minister of State for Petroleum and Natural Gas Rameswar Teli.
The Union authorities earned Rs 1.72 lakh crore from the petroleum sector in duties and taxes in the 2014-15 fiscal, which rose to over Rs 4.92 lakh crore in 2021-22, he stated.
The contribution of the sector to the states rose from Rs 1.6 lakh crore to Rs 2.82 lakh crore.
The rise in the central authorities’s earnings from the petroleum sector was 186 per cent in the course of the seven-year interval, whereas the states received 75 per cent excessive income from the sector, in accordance with Teli’s reply.
The Union authorities raised excise duty on petrol and diesel on 10 events between November 2014 and January 2016 to remove features arising from a fall in worldwide oil costs.
In all, excise duty on petrol was raised by Rs 12 per litre and that on diesel by Rs 13.77, in accordance with the reply.
The authorities minimize excise duty on petrol and diesel by Rs 2 a litre in October 2017. The tax was once more minimize by Rs 2 per litre on petrol and by Rs 1.5 on diesel a 12 months later.
But in July 2019, the tax was hiked by Rs 2 per litre every, it confirmed.
When worldwide oil costs got here crashing in 2020 after the onset of the pandemic, the federal government hiked excise duty on petrol by Rs 13 a litre and by Rs 16 on diesel in two instalments between March 2020 and May 2020.
These will increase had been rolled again in November 2021 and May 2022. Excise duty on petrol now stands at Rs 19.90 a litre and that on diesel at Rs 15.80, as per the reply.
“Prices of petrol and diesel have been market-determined with impact from June 26, 2020, and October 19, 2014, respectively. Since then, the general public sector oil advertising and marketing corporations (OMCs) take applicable selections on pricing of petrol and diesel,” Teli stated in a separate reply.
The costs of petroleum merchandise in the nation are linked to the worth of respective merchandise in the worldwide market.
“The Government has made interventions by means of calibrating excise duty charges on these merchandise as and when required,” he stated, including the tax on petrol and diesel was diminished by Rs 5 and Rs 10 per litre efficient from November 4, 2021, and Rs 8 and Rs 6 per litre, respectively efficient, from May 22, 2022.
The discount got here because the inflation price and costs of each day important objects soared.
“The influence of enhance/lower in costs of petrol and diesel might be assessed via their influence on inflation measured by Wholesale Price Index (WPI).
“The weightage of petrol, diesel and LPG in the WPI index is 1.60 per cent, 3.10 per cent and 0.64 per cent, respectively,” he added.
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