Economy

Centre Burdening Common Man With High Taxes On Petrol, Diesel: Congress

Centre Burdening Common Man With High Taxes On Petrol, Diesel: Congress”

"Will Prime Minister Narendra Modi and his government explain why petrol and diesel that cost less than Rs 20 per litre to India, is being sold at steep rates of Rs 75.78 per litre for petrol and Rs 74.03 per litre for diesel", he asked.

While price of petrol was raised by 59 paise per litre, a litre of diesel became costlier by 53 paise as oil marketing companies look at cutting losses incurred during the lockdown period when demand fell in a massive manner.

The increase in prices varies across metros, depending on the tax structure on products in various states.

India imports around 85% of its oil requirements. While global price trends of petrol and diesel an impact on retail prices at petrol pumps, it is largely dictated by crude oil trends globally. The fuel price hike is the highest since the daily price revision was started in June 2017. The price of brent crude, according to reports, has almost doubled in a month.

"The Congress Party demands that the benefit of reduced global crude oil prices should be passed on to the people and the rates of petrol, diesel, LPG be reduced to August 2004 level and petrol and diesel should be brought under the GST", he said.

Diesel prices in these cities were Rs 72.64 (Mumbai), Rs 72.18 (Chennai) and Rs 69.80 (Kolkata), compared with Rs 72.03, Rs 71.64 and Rs 69.23 respectively on Saturday.

More news: Beijing closes food market amid fears of second wave of coronavirus

Prices of transportation fuel were last revised under the dynamic pricing policy on March 16 and there were few instances of price hike later only when the respective state governments hiked Value-Added Tax or cess.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Surjewala alleged that between 2014-15 and 2019-20, the Modi government has hiked taxes on petrol and diesel 12 times and has collected a whopping Rs 17,80,056 crore. The total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. All through the week petrol and diesel prices have risen by about 60 paise per litre per day barring Tuesday when the rise was marginally lower at 40 paise per litre.

OMCs absorbed this excise duty hike and didn't pass it on to customers at the time given that there was no demand due the economic activity being limited amid the lockdown.

The only gainers from this hike will be states, which have been starved for revenue due to the lockdown, with Value-Added Tax on fuel sales being a major source of revenue.



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