Excise duty hiked on petrol, diesel to fetch Rs.2,500 crore

New Delhi, Dec 16 (IANS) With the Indian basket of crude oils going below $35 a barrel, the government on Wednesday hiked excise duty on petrol by 30 paise a litre and on diesel by Rs.1.17 to gather additional revenue of Rs.2,500 crore.

Basic excise on unbranded petrol has been increased from Rs.7.06 per litre to Rs.7.36, and on unbranded diesel from Rs.4.66 per litre to Rs.5.83.

Finance minister Arun Jaitley said the increase in duty will yield an additional Rs.2,500 crore in the remainder of the current fiscal up to end-March 2016.

Along with other levies, the total cess on unbranded, or normal, petrol will come to Rs.19.36 per litre as against Rs.19.06 currently.

On unbranded diesel, the total excise duty, after including special excise duty, will be Rs.11.83 per litre as compared to the current Rs.10.66.

The basic excise duty on branded petrol has been raised from Rs.8.24 per litre to Rs.8.54, and on branded diesel from Rs.7.02 to Rs.8.19 per litre.

Excise duty was last raised on petrol by Rs.1.60 per litre and on diesel by 30 paise a litre.

State-run Indian Oil Corp (IOC) has announced price cuts on petrol by 50 paise a litre, and of diesel by 46 paise in Delhi, with corresponding decrease in other states, effective from Wednesday.

The oil marketer said that allowing for local levies, the price of petrol per litre from Wednesday will be Rs.59.98 in Delhi, Rs.65.53 in Kolkata, Rs.67.04 in Mumbai and Rs.60.28 in Chennai.

Diesel will cost Rs.46.09 a litre in Delhi, Rs.49.70 in Kolkata, Rs.53.28 in Mumbai and Rs.47.28 in Chennai.

The Indian basket of crude oils, comprising 73 percent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, plunged to $34.25 on Tuesday for a barrel of 159 litres, as per data compiled by the state-run Petroleum Planning and Analysis Cell.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here