Excise obligation 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 obligation on petrol and diesel was reduce by Rs 13 a litre and Rs 16, respectively, between November 2021 and May 2022, based on 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 within the 2014-15 fiscal, which rose to over Rs 4.92 lakh crore in 2021-22, he mentioned.
The contribution of the sector to the states rose from Rs 1.6 lakh crore to Rs 2.82 lakh crore.
The rise within the central authorities’s earnings from the petroleum sector was 186 per cent through the seven-year interval, whereas the states obtained 75 per cent excessive income from the sector, based on Teli’s reply.
The Union authorities raised excise obligation on petrol and diesel on 10 events between November 2014 and January 2016 to remove positive aspects arising from a fall in worldwide oil costs.
In all, excise obligation on petrol was raised by Rs 12 per litre and that on diesel by Rs 13.77, based on the reply.
The authorities reduce excise obligation on petrol and diesel by Rs 2 a litre in October 2017. The tax was once more reduce 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 obligation 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 have been rolled again in November 2021 and May 2022. Excise obligation 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 effect from June 26, 2020, and October 19, 2014, respectively. Since then, the public sector oil marketing companies (OMCs) take appropriate decisions on pricing of petrol and diesel,” Teli mentioned in a separate reply.
The costs of petroleum merchandise within the nation are linked to the value of respective merchandise within the worldwide market.
“The Government has made interventions by way of calibrating excise duty rates on these products as and when required,” he mentioned, including the tax on petrol and diesel was decreased 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 charge and costs of each day important gadgets soared.
“The impact of increase/decrease in prices of petrol and diesel can be assessed through their impact on inflation measured by Wholesale Price Index (WPI).
“The weightage of petrol, diesel and LPG within the WPI index is 1.60 per cent, 3.10 per cent and 0.64 per cent, respectively,” he added. PTI ANZ ANZ BAL BAL
(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)