Petrol, diesel excise duty rates calibrated to generate resources for infrastructure

The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure development spending taking into account the current fiscal situation, Minister of State for Finance Pankaj Chaudhary said.

In a written reply to a question in the Rajya Sabha, the minister said petrol price had gone up by Rs 3.83 a litre in May, Rs 4.58 in June and Rs 2.73 in July (up to July 16). In April, the prices of petrol and diesel were revised down by Rs 0.16 and Rs 0.14 a litre, respectively. The retail selling price of diesel rose by Rs 4.42 a litre in May, Rs 4.03 in June and Rs 0.69 in July (up to July 16). The retail selling price of petrol and diesel in Delhi on July 16, 2021, stood at Rs 101.54/litre and Rs 89.87/litre respectively, he said.

"The excise duty rates on petrol and diesel have been calibrated to generate resources for infrastructure and other developmental items of expenditure keeping in view the prevailing fiscal situation," he said. In the first three months (April June) of the current fiscal, the total excise duty collected on petrol and diesel was Rs 94,181 crore. Excise collections on petrol and diesel jumped by 88 per cent to Rs 3.35 lakh crore in the last fiscal ended March 31, 2021, after excise duty was raised to a record high.

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