Budget 2018: Petrol, diesel prices hit all-time high on Budget day
Budget 2018: Petrol, diesel prices hit all-time high on Budget day
Pakistan by Muhammad Irfan | Published
02 February, 2018, 21:29
While providing Rs 2 per litre excise cut in fuel products, Jaitley also slapped a new Rs 8 per litre "Road and Infrastructure Cess" on motor spirit.
According to the budget documents analysed by ETEnergyWorld, the government has introduced a Rs 8 per litre levy of Road and Infrastructure Cess on petrol and diesel but abolished the additional duty of Excise (Road cess) on motor spirit by Rs 6 per litre at the same time - a net impact of Rs 2 per liter addition on the levy of tax on petrol and diesel. Also, the PM Modi government has chose to discontinue an additional excise duty on fuel by Rs 6.
The fuel prices, which are revised on daily basis, have constantly been rising since December 1. India has the highest retail prices of petrol and diesel among South Asian nations as taxes account for about 40-50 percent of the pump prices. At present, prices of petrol and diesel are skyrocketing.
Diesel prices were only slightly better at Rs 64.11 in Delhi, Rs 66.78 in Kolkata, Rs 67.62 in Chennai and Rs 68.27 in Mumbai.
The high costs are due to the rising price of oil which recently increased by 2%, although this has been offset to some extent by the recent boost to the pound. The excise duty was slashed for both branded and unbranded petrol and diesel. People had to pay RS 73.05 for a litre.
During October month, Moody's said, "There is limited flexibility for the government to reduce taxes further if it were to maintain its fiscal discipline".
There is also an expectation that common man may get some relief in income tax by way of a raise in the exemption limit.
It may be noted that actuals of Union excise duty stood at Rs 382,094.41 crore in 2016-17.
The introduction of Road and Infrastructure Cess has been made to partly finance the expenditure of Ministry of Road Transport and Highways.
"FY19 budgeted excise collections from auto fuels seem to build in no cut in excise duties during the year despite high crude prices". States are also able to levy variable taxes as a result of which prices vary across states.
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