• Thursday, April 9, 2020

Excise duty on petrol, diesel hiked by Rs 1.50/ltr; fuel price cut unlikely

Discussion in 'Central & South Asia' started by fsayed, Nov 13, 2014.

  1. fsayed

    fsayed SENIOR MEMBER

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    Excise duty on petrol, diesel hiked by Rs 1.50/ltr; fuel price cut unlikely

    New Delhi: Speculations of fuel price cut in the wake of falling international crude oil prices might have to be put to rest as the government on Thursday cut excise duty on petrol and diesel hiked by Rs 1.50 per litre.

    Excise duty on normal or unbranded petrol has been hiked from Rs 1.20 to Rs 2.70 per litre while that of branded petrol has been hiked from Rs 2.35 to Rs 3.85 per litre.

    State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) following the fortnightly review practice, are due to revise rates of petrol and diesel on Saturday.

    This gave rise to speculations that fuel prices might be reduced on sliding global oil rates. However the hike in excise duty might curtail the scope of price cut.

    Petrol price was last cut by Rs 2.41 a litre on November 1. On the same day, diesel rates were reduced by Rs 2.25 per litre. A litre of petrol in Delhi today costs Rs 64.25 a litre.
     
  2. nair

    nair BANNED

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    Playing with fuel prices!!!!!!!!!!! You cant get a better time to increase the taxes on fuel........
     
  3. unbiasedopinion

    unbiasedopinion SENIOR MEMBER

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    What is the reason for increasing the excise duty?
     
  4. fsayed

    fsayed SENIOR MEMBER

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    because they miss the target of disinvestment of psu thats y they pushing excise on crude to garner needed 30 thousands crore budget shortfall even after getting full mandate they r not able work .

    @nair
    @unbiasedopinion
     
  5. unbiasedopinion

    unbiasedopinion SENIOR MEMBER

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    Time will test their will and ways of working...People of India in another 6 months time will start asking for the results. Right now every good thing happening is because of NaMo being lucky as international crude prices are working in his favor. Also, due to change in government, lots of international and domestics business men have shown the renewed hope towards India as better destination. It is now upto to the clear majority government to walk the talk.

    Waiting eagerly for the winter parliament session to see how NaMo government delivers.
     
  6. Donatello

    Donatello RETIRED TTA

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    Damn that's expensive, lads.
     
  7. Judge

    Judge BANNED

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    Because tax collection has fallen far short of expectation even with a reviving economy plus missing targets of disinvestment.

    In any case, it will not lead to an increase of pump prices of fuel.
     
  8. unbiasedopinion

    unbiasedopinion SENIOR MEMBER

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    Why not? The expected Rs 1.5 rollback is still not done, so there is an impact.
     
  9. Judge

    Judge BANNED

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    Because they are timing such that it coincides with a fall in fuel price of 1.5 rs. They are simply choosing to not pass the benefit of this round of international price fall to the consumers and mop it up by additional tax.