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Monday, January 30, 2023

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Get surprised to know the taxes on Petrol & Diesel

Domestic petrol prices have increased. Petrol prices in the National capital were retailed at ₹84.70 per litre and diesel was retailing at ₹74.88 per litre, however, there has been an overnight 25 paise hike. Petrol and diesel prices in India change according to international product prices, rupee -dollar exchange rate among other factors like dealer margin. Goods and services tax (GST) is not applicable to petrol and diesel prices.

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According to the web portal of  Indian oil, base price for fuel was ₹27.37 per litre as per calculations on January 1 and price of petrol petrol in Delhi of ₹83.71 per litre. Price dealers had to pay  (excluding excise duty and Value Added Tax) was ₹27.74 per litre including a freight levy of ₹0.37 per litre. If excise duty of ₹32.98 per litre and dealer commission is added to this amount, an average of ₹3.67 per litre has to be paid. If VAT is also to be included, it will be ₹19.32 per litre. This means that inal retail selling price of petrol of ₹83.71 a litre ((January 1 price) in Delhi

If similar calculations are done to diesel prices, then,  retail selling price is ₹73.87 per litre in Delhi.  The base price according to the website was ₹28.32 per litre, then adding freight charges, price to dealers (excluding Excise Duty and VAT), excise duty, average of dealer commission and VAT is added, then the amount to be added are ₹0.34 litre, ₹28.66 per litre to ₹10.85 litre. Then the final rate amounts to  ₹73.87 per litre. 

Due to the pandemic, India’s fuel consumption has increased four times since December and demand for transport still continues to rise.

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