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After excise cut on fuels, Siddaramaiah rules out sales tax reduction
02 February 2018, 09:31 | Frank Carlson
The revised price of petrol stands at Rs 84.51/litre
The Union Budget 2018-2019 has cut basic excise duty on petrol and diesel by Rs 2 per litre but the move will not result in reduction in fuel prices for consumers.
While the announcement was initially assumed as a measure to bring down the soaring fuel prices, it was later revealed that the cuts would only offset the brunt of the newly introduced road cess, which would be charged at Rs 8 per litre.
Fuel prices on forecourts at major supermarkets saw the largest increase with the average price for a litre of supermarket petrol rising to 119.76p and diesel to 122.45p. After moving to daily revision of fuel prices in June past year, the government had cut basic excise duty on petrol and diesel by Rs 2 per litre in October.
Finance Minister Arun Jaitley will present the current NDA government's fifth and arguably his toughest Budget yet as he seeks to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence. The Narendra Modi government also made a decision to do away with 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. Indian Oil Corp (IOC) Chairman Sanjiv Singh on Monday responding to the charges of government meddling in fixing of fuel prices said that Petrol and diesel prices in India are to a "large extent" aligned to global rates.
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Excise duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre ever since Prime Minister Narendra Modi-led BJP government came to power in 2014. Today, price of petrol went up by 15 paisa per liter and that of diesel by 19 paisa. The new prices came into effect at 6 am on February 2. Speaking to the public, they still have to buy petrol and diesel at the same price as it is now.
Previously, Road and Infrastructure cess on motor spirit stood at Rs 6 per litre.
Union Finance Secretary Hasmukh Adia told a post-Budget media briefing that the changes won't affect the customer.
The FM has, however, further lowered the excise duty revenue receipt estimate for FY19 to Rs 259,600 crore. In comparison, the difference between the prices of both fuels was Rs. 20 per litre back in January 2012.
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