Good News! No rise in diesel or petrol price in spite of higher excise duty

This Diwali won’t be a panic for the travelers who want to go on a ride or long-trip as the government has decided not to hike the price of diesel and petrol. The increase in excise duty on Petrol and diesel by 1.6 INR / litre and 0.4 INR / litre had speculated to occur at a consequences but state-owned oil firms have confirmed to ingest the raise for now. The excise duty rise on Friday night by the government was to wipe up extra revenue in order to meet budgetary targets.

Know what’s going on with Indian Railways recently?

petrol diesel price

 

 

 

 

 

 

 

 

 

 

An Oil Company Officially speaks,

“We are not  changing retail prices of both the crude-oil for now. An additional revenue of 3.2k Crore will be yielded to the govt during the remaining current financial year.”

According to CBEC notice, the normal excise duty on unbranded petrol was hiked from 5.46 INR / litre to 7.06 INR / litre, and that for the diesel increased from 4.26 INR / litre to 4.66 INR / litre. Also, the govt. had collected almost 99,200 crore excise from the petroleum sector in 2014-15. The same for the 1st quarter of current fiscal was 33,000 crore.

Thus, the overall calculations levied on petrol including special and additional excise duty will be 19.06 INR / litre against 17.46 INR / litre presently, and for the diesel it will be 10.66 INR / litre against 10.26 INR / litre now. Previously, the government had increased the excise duty in 4 installments from Nov 2014 to Jan 2015 in order to take away the reduction in retail price- that was authorized with a warrant to avoid falling international oil prices.

Know what’s the other burning issue in India?

Petrol and diesel tax have been hike by 1.5 INR / litre from Nov 12,2014, and then from Dec 2, 2014 the excise duty raised by 1 INR and 2.25 INR on diesel and petrol respectively. Then the following hiking from January 2, 2015 and same amount from January 16, 2015 by 2 INR on both-petrol and diesel.

Article publié pour la première fois le 07/11/2015

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