Budget 2018: Modi government slashes excise duty on petrol and diesel

02 February, 2018, 10:19 | Author: Natasha Holloway
  • Petrol Prices Hit Rs 73 Per Litre In Delhi Highest Since July 2014

According to data from the website of the Indian Oil Corporation, petrol price went up by Rs 2.95 in Delhi last month. Petroleum Ministry had earlier moved a proposal to reduce excise duty on the two fuels as part of the pre-Budget memorandum submitted to the Finance Ministry.

Opposition was quick to target the Finance Minister, accusing him of deceiving the public by his announcement of excise duty cuts.

The prices of petrol and diesel have a significant effect on the retail inflation.

Ahead of the release of Budget, speculations were rife over the government rolling out measures to control the raging fuel prices, especially petrol which has crossed the Rs 80-benchmark in Mumbai, Delhi, Bengaluru, Pune, Chennai and Noida. The rising oil price has brought an end to the three-year-long low price windfall, which allowed the government to increase the excise duty on petrol by Rs 12 per litre and on diesel by Rs 13.77 per litre since April 2014, before making the first cut in October.

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Value-Added Tax on petrol in Delhi is Rs 15.39 per litre while on diesel it is Rs 9.32. The price of high speed diesel oil has been increased by Rs5.92 per litre as against the proposal of increase by Rs10.25 per litre. To remind you, a group of oil producers including OPEC and Russian Federation, the world's biggest crude producer, started to withhold production in January previous year to prop up prices. The third factor that determines the fuel prices is the prices of petrol and diesel in global markets. Under the new tax regime, the maximum tax imposed on petrol and diesel will be capped at 28 per cent.

In addition to the GST, the government was charging highest rates of Petroleum Development Levy (PDL) from the consumers.

A notification issued by Ministry of Finance said the new prices are effective from today (February 1) until midnight February 28.

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