"Between April to September 21, government's collection from excise on petrol rose 33% compared to last year. Calling the recent reduction in fuel prices as a mockery, the CPI(M) on Sunday the Centre still collects a whopping Rs 2.87 lakh crore that are not sharable with the states and demanded that the.
Energy Department projects renewable diesel will be about 7 of the overall diesel pool by 2030 it is currently just 5. Trinamool spokesperson and MP Derek O'Brien also criticised the announcement and said the excise duty of petrol was increased by 65% last year, while now the decrease amounts to 15%. State programs, led by California's Low Carbon Fuel Standard (LCFS), reward fuel producers for decarbonizing by producing renewable fuels, who have responded by ramping up their production of such 'greener' supply. For the remainder of the current fiscal, the impact would be ₹43,500 crore, a PTI report said. This totals to an annual impact of over ₹1 lakh crore, industry sources said. This is the highest-ever reduction in excise duty and rolls back a part of the ₹13 and ₹16 per litre increase in taxes on petrol and diesel effected between March 2020 and May 2020 to avoid passing on to consumers the sharp fall in international oil prices, reports said.īased on April to October consumption numbers, the loss of revenue to the government due to the excise duty cut will be ₹8,700 crore per month. Prices of petrol and diesel will thus come down accordingly," the finance ministry said in a statement.
DRACONIAN DIESEL DRIVERS
"Government of India has taken a significant decision of reducing Central Excise Duty on petrol and diesel by ₹5 and ₹10 (per litre) respectively from tomorrow. on diesel-powered vehicles and company car drivers are facing a huge increase in tax. Roll back the draconian tax hike!" he wrote. After the reduction announced on Wednesday, the excise duty on petrol is ₹27.90 per litre and 21.80 per litre of diesel. #Petrol #Diesel- Randeep Singh Surjewala November 3, 2021Ĭomparing the excise of petrol and diesel in the Modi government with that of the Congress government, Surjewala said the excise duty on petrol was ₹9.48 litre on petrol and ₹3.46 litre on diesel. In Year 2021, Price of Petrol were hiked by ₹28 & Diesel by ₹26/litre.Īfter losing 14 bye elections & 2 Lok Sabhas, reducing Petrol-Diesel price by ₹5 & ₹10 is tom-tommed as ‘Diwali Gift’ of Modi Ji!