Petrol pump prices hit three-year high

Petrol Pumps

The Budget has announced the abolition of the Rs. 6 per litre additional excise duty on petrol and high-speed diesel, and also reduced the basic excise duty on branded and unbranded petrol and diesel by Rs. 2 per litre each. While the government cut excise duty, a new road cess of Rs 8 per litre was also introduced.

Similarly on unbranded diesel, the additional excise duty was brought down from Rs 8.33 per litre to Rs 6.33 per litre and on branded diesel from Rs 10.69 per litre to Rs 8.69 per litre.

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.

Finance Minister Arun Jaitley during FY19 Budget trimmed down excise duty on various products, especially fuel products, pinning down hopes that petrol and diesel prices would go down. The Narendra Modi government also made a decision to do away with an additional excise duty on fuel by Rs 6.

Dharmendra Pradhan, Minister of Petroleum of Natural Gas, on June 16, 2017, said, "With this historic step towards transparency and customer interest, the Indian Oil & Gas industry has joined the elite league of countries like United States of America and Australia wherein fuel prices are revised on a daily basis".




The cost of both diesel and petrol is now at its highest since late 2014, new data from RAC Fuel Watch shows.

Oil marketing companies determine the prices of petrol and diesel on the basis of three factors.

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.

In all, duty on petrol was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months which helped the government's excise mop-up to more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15. Production curbs by the Organisation of the Petroleum Exporting Countries and high demand have led to the surge. However, no such relief came from Budget 2018-19.

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