New Delhi: The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure construction and other development expenditure keeping in view the current financial situation, the Minister of State for Finance said. Pankaj Chaudhary said on Tuesday.
in written answer to a question in Rajya SabhaThe minister said that the price of petrol has increased by Rs 3.83 per liter in May, Rs 4.58 in June and Rs 2.73 in July (till July 16).
In April, petrol and diesel prices were reduced by Rs 0.16 and Rs 0.14 per liter respectively.
Retail sales of diesel increased by Rs 4.42 per liter in May, Rs 4.03 in June and Rs 0.69 in July (till July 16).
He said that on July 16, 2021, the retail selling price of petrol and diesel in Delhi was Rs 101.54 per liter and Rs 89.87 per liter respectively.
“Excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the current financial position,” Chowdhary said.
The total excise duty on petrol and diesel in the first three months (April-June) of the current financial year was Rs 94,181 crore.
Excise duty collection on petrol and diesel rose 88 per cent to Rs 3.35 lakh crore in the last fiscal ended March 31, 2021, after taking excise duty to a record high.
Excise duty on petrol was raised to Rs 32.9 per liter from Rs 19.98 a liter last year, hitting a several-year low on the back of the fall in international oil prices, as the pandemic hit demand .
The same on diesel was increased from Rs 15.83 per liter to Rs 31.8.
Petrol and diesel prices are market-determined with effect from June 26, 2010 and October 19, 2014, respectively.
Since then, Public Sector Oil Marketing Companies (OMCs) have been taking appropriate decisions on pricing of petrol and diesel based on international product prices and other market conditions.
He said the OMCs have increased and decreased the prices of petrol and diesel according to the changes in international prices and rupee to dollar exchange rate.
“Government is making concerted efforts to mobilize resources for infrastructure and other developmental items of expenditure, the details of which were announced in the annual Budget.
“The excise duty rates on petrol and diesel have been calibrated to generate these resources keeping in view the current financial position. tub Petrol and diesel are levied by the states,” he said.
Choudhary was responding to a separate question whether the government proposes to cut higher excise duty on petrol and diesel and whether it will continue to increase excise duty and VAT on these products.
in written answer to a question in Rajya SabhaThe minister said that the price of petrol has increased by Rs 3.83 per liter in May, Rs 4.58 in June and Rs 2.73 in July (till July 16).
In April, petrol and diesel prices were reduced by Rs 0.16 and Rs 0.14 per liter respectively.
Retail sales of diesel increased by Rs 4.42 per liter in May, Rs 4.03 in June and Rs 0.69 in July (till July 16).
He said that on July 16, 2021, the retail selling price of petrol and diesel in Delhi was Rs 101.54 per liter and Rs 89.87 per liter respectively.
“Excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the current financial position,” Chowdhary said.
The total excise duty on petrol and diesel in the first three months (April-June) of the current financial year was Rs 94,181 crore.
Excise duty collection on petrol and diesel rose 88 per cent to Rs 3.35 lakh crore in the last fiscal ended March 31, 2021, after taking excise duty to a record high.
Excise duty on petrol was raised to Rs 32.9 per liter from Rs 19.98 a liter last year, hitting a several-year low on the back of the fall in international oil prices, as the pandemic hit demand .
The same on diesel was increased from Rs 15.83 per liter to Rs 31.8.
Petrol and diesel prices are market-determined with effect from June 26, 2010 and October 19, 2014, respectively.
Since then, Public Sector Oil Marketing Companies (OMCs) have been taking appropriate decisions on pricing of petrol and diesel based on international product prices and other market conditions.
He said the OMCs have increased and decreased the prices of petrol and diesel according to the changes in international prices and rupee to dollar exchange rate.
“Government is making concerted efforts to mobilize resources for infrastructure and other developmental items of expenditure, the details of which were announced in the annual Budget.
“The excise duty rates on petrol and diesel have been calibrated to generate these resources keeping in view the current financial position. tub Petrol and diesel are levied by the states,” he said.
Choudhary was responding to a separate question whether the government proposes to cut higher excise duty on petrol and diesel and whether it will continue to increase excise duty and VAT on these products.
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