Domestic oil companies have not made any change in the rate of petrol and diesel for the 23rd consecutive day, but the government has made big money from oil. The central government’s tax collection on petrol and diesel (Petrol-Diesel) has exceeded 300 percent in the last six years. The government gave this information in the Lok Sabha on Monday. Minister of State for Finance Anurag Thakur said in a written reply to a question in the Lok Sabha that the Union Government in the first year of the coming of the Modi Government, during 2014-15, Excise duty on petrol was Rs 29,279 crore and excise on diesel. 42,881 crores earned from duty. He said that tax collection on petrol and diesel increased to Rs 2.94 lakh crore during the first 10 months of the current financial year 2020-21.
Revenue collection increased to 12.2 percent
Minister of State for Finance said, Petrol, diesel and gas revenue collection was 5.4 per cent in the financial year 2014-15, which has increased to 12.2 per cent in the current financial year.
Increase in excise duty
In 2014, the excise duty on petrol increased by Rs 9.48 to Rs 32.90 per liter. At the same time, the excise duty on diesel increased by Rs 3.56 to Rs 31.80 per liter. He said, on March 14, 2020, the central excise duty on petrol and diesel was increased by 3 rupees per liter. On 6 May 2020, excise duty was increased once again. Then petrol was increased by 10 rupees and diesel by 13 rupees per liter.
The current retail price of petrol in Delhi is 60% of the tax of Rs 91.17. Excise duty makes up for 36 per cent of the retail price. At the same time, more than 53 percent of the retail selling price in Delhi is Rs 81.47 per liter of tax. Central excise is included in 39 percent of the retail price.
He said, on March 14, 2020, the central excise duty on petrol and diesel was increased by 3 rupees per liter. On 6 May 2020, excise duty was increased once again. Then petrol was increased by 10 rupees and diesel by 13 rupees per liter.
Loss to consumers
These increases in price snatched away the gains that consumers received from the steep fall in international oil prices. The increase in excise duty is similar to the increase in tax by the government between November 2014 and January 2016.
In those 15 months, the duty on petrol price increased by Rs 11.77 per liter in nine installments and by Rs 13.47 per liter on diesel. The government had cut excise duty by Rs 2 per liter in October 2017 and a year later by Rs 1.50 per liter. But the government increased excise duty by 2 rupees per liter in July 2019.
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