Fuel Price Hike: So far this year, the price of petrol has been increased 63 times while its price has been reduced only 4 times. The government presented these figures for the time period of January 1 to July 9.
Fuel Price Hike: The price of Petrol and Diesel has continued to rise across the country. In many major cities in the country, including Delhi and Mumbai, the price of Petrol has crossed Rs. 100 per liter. On Monday, the data presented on the price of Petrol and Diesel by the government to Parliament was staggering. Let us know how many times the price of gasoline and diesel has increased so far this year.
Petrol prices increased 63 times
According to the written response given today by the Ministry of Petroleum to Lok Sabha, so far this year the price of gasoline has been increased 63 times while its price has been reduced only 4 times. The government presented these figures for the period January 1 to July 9. As we now know, oil companies set the price of gasoline and diesel on a daily basis. Looking at the data, Petrol prices have not changed for 123 days in total.
The price of diesel increased for 61 days
Likewise, there were 61 days when the price of diesel was increased, while there were only 4 days when the price was reduced. There were 125 days when there was no change in the price of diesel. In the past 3 years, the price of gasoline had increased 148 times in 2018-19, 89 times in 2019-20, and 76 times in 2020-21. Likewise, diesel prices were increased 140 times in 2018-19, 79 times in 2019-2020, and 73 times in 2020-21.
Excessive Excise Tax Receipts
Further information has come to light regarding central government revenues from excise taxes levied on petroleum products, particularly petrol and Diesel. Government revenue has increased significantly over the past 3 years, but its profit margin increased further last year (2020-2021). In 2018-19, the government earned Rs 2,35,301 crore from excise duties, of which around Rs.213,000 crore came from taxes on gasoline and diesel alone. In the same period, an income of Rs197,845 crore was realized in 2019-2020. There has been a huge increase in government revenues in 2020-21 and they have increased to Rs 3.44 746 crores. In this, around Rs 3.34,000 crore came from excise duties on Petrol and Diesel.
30% VAT charged in Delhi
At present, the excise tax is levied by the central government on unbranded gasoline at Rs 32.80 while on branded gasoline at Rs 34.10. The same excise tax of Rs 31.80 and Rs 34.20 is levied by the central government on both types of diesel. However, a large part of the excise taxes collected by the central government is returned to the states. Not only that, a large portion of the price of gasoline and diesel is also charged by the states. For example, in Delhi, the state government charges 30% VAT on a liter of Petrol.