Informed the Petroleum Minister in the Lok Sabha
Excise duty on petrol and diesel hikes by 88% despite Corona lockdown
In 2020-21, excise duty on petrol will be Rs. 32.9, excise duty on diesel is Rs. 31.8 done
New Delhi: Excise duty on petrol and diesel in the financial year 2020-21 ending March 31 has earned the Indian government Rs 3.35 lakh crore, the Lok Sabha was informed today. The Government of India has increased the excise duty on petrol and diesel by 88 per cent.
Excise duty on petrol has been increased from Rs 19.98 to Rs 32.90 in the financial year 2020-21. Similarly, excise duty on diesel has been increased from Rs 15.83 to Rs 31.80. This information was given by Petroleum and Natural Gas Minister Rameshwar Teli in response to a written question.
Due to the increase in excise duty, the central government's revenue from excise duty on petrol and diesel increased to Rs 3.35 lakh crore in the financial year 2020-21. In the financial year 2019-20, this revenue was Rs 1.78 lakh crore. In other words, the central government's revenue has increased by 88 per cent in a single year. In the financial year 2018-19, the central government's excise duty revenue was Rs 2.13 lakh crore.
Petrol and diesel sales were low in the financial year 2020-21 due to the corona lockdown. However, the revenue from excise duty has increased by 88 per cent.
Replying to another question, Pankaj Chaudhary, Minister of State in the Ministry of Finance, said that the revenue from excise duty on petrol, diesel, natural gas and crude oil has gone up by Rs 1.01 lakh crore from April to June of the first quarter of the current financial year i.e. 2021-22.
Petrol prices have been deregulated from June 26, 2010 and diesel from October 19, 2014. In the current financial year, petrol prices have been increased 39 times and diesel prices 36 times. In the last financial year 2020-21, the price of petrol was increased 76 times and the price of diesel 73 times.
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