Sunday, 09 May, 2021


Finance Ministry not in favour of slashing excise duty on petrol, diesel

With Rs 82.35 for a litre petrol prices reach 5-year high Check out rates in your city Finance Ministry not in favour of slashing excise duty on petrol, diesel
Melba Vasquez | 23 April, 2018, 18:58

Diesel price in Chennai: The product in this city saw the biggest hike over the last few days, so much so, that Chennai became the second city to witness Rs 69-per litre mark after Mumbai. Diesel price at Rs 65.65 are the highest ever.

"Fiscal considerations are far higher than one or two rupee price impact on consumers", the official told Moneycontrol, adding that with every rupee cut of excise duty on fuel, the Centre will have to take a hit of Rs 13,000 crore annually.

Petrol prices rose for the fifth consecutive day on Monday to Rs 74.50 per litre in New Delhi, even as global crude oil cost dipped somewhat due to worldwide factors.

Effective 06:00 am on Monday, petrol retailed at Rs. 82.35 per litre in Mumbai, Rs. 77.29 per litre in Chennai, Rs. 77.2 per litre in Kolkata and Rs. 74.5 per litre in Delhi, according to Indian Oil data.

However, the Narendra Modi-led regime does not want to cut the excise duty on fuel because a reduction in duty will negatively impact the fiscal deficit glide path, reported CNNNews18.

The government is now not looking at lowering excise duty on petroleum products to contain rising retail prices, as it could negatively affect the fiscal deficit glide path, a top finance ministry official said. Diesel price touched an all-time high of Rs 65.76 per liter in New Delhi and petrol price is at its highest level since 2013.

The government is targeting reducing fiscal deficit to 3.3 per cent of the gross domestic product (GDP) in the current fiscal, from 3.5 per cent last fiscal.

"Once we have decided on daily price revision, it is not a good thing to tinker with that either through excise or by asking oil marketing companies to absorb prices", the official said. On Monday the prices have increased by 10 paise per litre across Delhi, Mumbai, Chennai and Kolkata.

To be noted, there are several industries that use large quantities of diesel on a daily basis; the price increase would certainly have a crippling effect on their business.

Now, the prices of diesel and petrol are revised by state-owned oil market companies like Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation on a daily basis based on global market rates of crude oil and foreign exchange rates.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

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