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"Excise duty rates have been calibrated to generate resources for infra & other developmental items of expenditure," said MoS Finance Pankaj Choudhary
The hike in excise duty in petrol and diesel boosted the government’s collections by 88% to Rs 3.35 lakh crore in April 2020 to March 2021 period, MoS for Petroleum and Natural Gas Rameswar Teli said in the Lok Sabha on July 19.
A litre of petrol has now crossed the Rs 100 mark in more than 250 cities and in this fiscal, petrol price has been increased 39 times while diesel price has been raised 36 times.
Teli also informed the house that for July 2021 so far, the price of the Indian crude basket stood at $74.34 per barrel, which is the highest monthly price since October 2018, reflecting the spike in global commodity prices.
For the April to June 2021 period, the central government has collected about Rs 94,181 crore in revenue through excise duties on petrol and diesel.
“The excise duty rates have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the prevailing fiscal situation,” said MoS Finance Pankaj Choudhary.
Choudhary was replying to a question on cess levied on petrol and diesel.
Respite soon?
With OPEC+ agreeing to add more barrels to the market, fuel prices are expected to come down soon.
More barrels will ease retail prices and consumers can expect to see on-ground relief on this front.