Tuesday, 14 August, 2018

Budget 2018: Excise duty on petrol, diesel cut; Relief to vehicle owners

Petrol Pumps Budget 2018: Petrol, diesel prices hit all-time high on Budget day
Elsie Buchanan | 02 February, 2018, 16:15

The 5 per cent road and infrastructure cess on ethanol-blended petrol up to 10 per cent and bio-diesel up to 20 per cent has been abolished. Indian Oil Corp (IOC) Chairman Sanjiv Singh on Monday responding to the charges of government meddling in fixing of fuel prices said that Petrol and diesel prices in India are to a "large extent" aligned to global rates.

Value-Added Tax on petrol in Delhi is Rs 15.39 per litre while on diesel it is Rs 9.32.

With crude oil price inching towards $70 a barrel, Oil Ministry had earlier sought the intervention of the finance ministry to cut down the excise duty on petrol and diesel in the budget.

The Budget presented in the Parliament on Thursday said that the original excise duty on open petrol will be reduced from Rs 6.48 to Rs 4.48 and open diesel will be reduced from 8.33 to 6.33 rupees per liter. The cut in duty has been offset by an additional levy of Rs 8 per litre under Levy of Road and Infrastructure Cess on petrol as well as diesel, according to Memorandum Explaining the Provisions of the Financial Bill, 2018, part of the budget document.

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A sales tax of 30% and 19%, respectively, is levied on petrol and diesel in Karnataka, which is much higher than many states.

However, a subsequent rally has wiped away all the gains and prices have touched new highs. This decision of the government will not provide any relief in the prices of petrol and diesel.

State-owned oil companies in June last year dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Union Oil Minister Dharmendra Pradhan had in January said his ministry is trying to bring petrol and diesel under the purview of the Goods and Services Tax (GST).

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