In Kerala, the price of gasoline is just 52 Paise from exceeding Rs 100. The price of gasoline rose 28 Paise to Rs 99.48 yesterday in Thiruvananthapuram. The price of diesel rose by 27 Paise to 94.74 rupees per liter.
States where gasoline prices are 100. have exceeded
In Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh, gasoline prices exceeded Rs 100 a few days ago. Ganganagar in Rajasthan has the highest price in the country. On Tuesday gasoline and diesel were sold here at Rs 109.30 and Rs 102.14, respectively.
Why is the price rising?
- Rising crude oil prices
- Central and State Taxes
- Write off the rupee
Crude oil prices
India imports 85% of its crude oil. In January India bought Brent crude oil from the Gulf States at $ 51 a barrel. Now the price has risen to $ 71 a barrel.
Excise tax
Central and state taxes make up about 60 percent of the retail price of gasoline and diesel.
Advantage of central government
2014-15- Rs 99,068 crore
2015-16- Rs 1.78 lakh crore
2016-17- Rs 2.42 lakh crore
2017-18- Rs 2.29 lakh crore
2018-19- Rs 2.14 lakh crore
2019-20- Rs 2.23 lakh crore
2020-21- Rs 3.9 lakh crore
Benefit of the States
Income from taxes on petroleum products reached Rs 2 lakh crore in 2019-20. In April-December 2020-21 alone, this amount was Rs 1.30 lakh crore.
Jump proportion
The mineral oil tax accounts for one fifth of the total central tax revenue in the period 2020-21. When Modi came to power in 2014-15, the share was just eight percent.
Hike in prices
Petrol and diesel
2020 June – Rs 72.99, Rs 67.19
July – Rs 82.15, Rs 77.70
August-Rs 82.15, Rs 78.97
September – Rs 83.91, Rs 79.13
October – Rs 82.89, Rs 76.08
November-Rs 82.89, Rs 75.91
December – Rs 84.34, Rs 78.12
2021 January – Rs 85.72, Rs 79.65
February – Rs 88.33, Rs 82.42
March – Rs 93.05, Rs 87.53
April-Rs 92.44, Rs 86.90
May-Rs 92.28, Rs 86.75
June – Rs 99.48, Rs 94.74
Pricing (Per liter)
Petrol and diesel
Base price Rs 37.29, Rs 39.90
Freight Rate: Rs 00.36, Rs 00.33
Central Excise Tax: Rs 32.90, Rs 31.80
State Tax: Rs 25.13, Rs 20.12
Dealer commission: Rs 3.80, Rs 02.59
Total: Rs 99.48, Rs 94.74
(Prices may vary locally)
State sales tax
petrol
30.08% sales tax + additional sales tax of one rupee per liter + one percent tax
diesel
22.76% sales tax + additional sales tax of one rupee per liter + one percent tax
Oil Company Profits
Indian Oil: Loss of Rs 1,876 crore in 2019-20; Profit of Rs 21,762 crore profit in the 2020-21 period
BPCL: Loss of Rs 2,958 crore in January-March 2019-20; Profit of Rs 11,940 billion in the same quarter of 2020-21
HP: Earning Rs 27 crore in January-March 2019-20; Profit of Rs 3,018 crore in the same quarter of 2020-21.
"The center needs Rs 35,000 for the Covid vaccination in one year. In this case, it would be impossible to lower the tax," said Union Minister Dharmendra Pradhan.
Will oppose move to bring petroleum products under GST: Kerala Treasury Secretary
Finance Minister KN Balagopal said Kerala will oppose the move to bring petroleum products under the GST. He said the state government cannot allow the center to take away the state's existing rights to collect taxes. He also said the GST failure compensation should be extended for another five years. The Minister spoke at a press meeting organized by the Kesari Trust.