Petrol pump prices hit three-year high

02 February, 2018, 21:29 | Author: Franklin Nunez
  • Budget 2018: Petrol, diesel prices hit all-time high on Budget day

The Centre on Thursday announced that the excise duty cut of Rs 2 announced by Finance Minister Arun Jaitley will have no impact on petrol and diesel prices.

Road and infrastructure cess on petrol and diesel manufactured in and cleared from four specified refineries in the northeast has been levied at Rs 4 per litre.

In fact, excise duty on petrol has been hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre ever since PM Modi-led BJP government came to power in 2014.

According to the Finance Bill 2018, the government announced a reduction of excise duty on unbranded and branded petrol and diesel by Rs 2 per litre.

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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.

Since then prices are revised on daily basis. As per the reports, there is no change in Petrol and diesel price has been made by the government of India. Practically, there is no impact on the final price of petrol and diesel. But petrol and diesel will not be cheap. The new prices came into effect at 6 am on February 2.

The Budget reduced basic excise duty on branded and unbranded petrol as well as diesel.

Previously, Road and Infrastructure cess on motor spirit stood at Rs 6 per litre.

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Earlier, the Finance Ministry had announced a Rs 2 per litre cut on petrol and diesel with effect from October 4, 2017, to cushion the impact of rising worldwide prices of these petro products. "If prices rise, that would hurt demand growth, which would be credit negative for the oil-marketing companies". "Considering that the Union government wants to invest in development of the infrastructure sector, this cess will be an additional source of income for this goal", Mr. Jain added.

"FY19 budgeted excise collections from auto fuels seem to build in no cut in excise duties during the year despite high crude prices".

Secondly, the government also provides a subsidy for fuel products in order to buffer against prices.

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