Fuel hike gives states Rs 227 billion windfall
Due to an increase in the prices of petrol and diesel, the state governments will reap a windfall gain of about Rs 227 billion this fiscal, claimed State Bank of India’s Economic Research Wing.
Petrol cut by Rs.1.42 a litre, diesel by Rs.2.01
Amid the recent fluctuation in global oil prices, state-run Indian Oil Corp (IOC) cut the price of transport fuels of petrol by Rs.1.42 a litre and of diesel by Rs.2.01, both at Delhi, with corresponding decrease in other states.
Govt hikes excise duty on petrol, diesel
The Government today increased excise duty on petrol by Rs.0.30 per litre and by Rs.1.17 a litre on diesel to make use of slump in oil prices to garner an additional Rs.2,500 crore. Basic excise duty on unbranded petrol has been increased from Rs.7.06 per litre to Rs.7.36 and the same on unbranded diesel from Rs.4.66 to Rs.5.83 per litre. Finance Minister Arun Jaitley said the increase in duty will yield an additional Rs.2,500 crore in revenue during the remainder of the 2015-16 fiscal which ends on March 31, 2016.
Petroleum consumption rises 5.5%
As per data posted by the Petroleum Planning and Analysis Cell, fuel consumption-a proxy for oil demand-totalled 14.03 million tonnes last month. The 5.52 per cent increase was driven by higher gasoline sales, which reflected a surge in passenger vehicles sales.