The government promises that consumers will not pay more for gasoline after increasing excise duty by R.

According to PTI, the Center said Monday that the excise taxes on gasoline and diesel would be raised by Rs 2 per liter each. The modifications will take effect on Tuesday. According to the decree, the excise tax on diesel was raised to Rs 10 and that on gasoline to Rs 13.

Following the hike, the Ministry of Petroleum and Natural Gas stated that any tax changes would not affect the retail selling price of gasoline and diesel since the increase would be offset by the decrease in retail pricing that was justified by the decline in global oil prices. In an X post, the oil ministry stated that “PSU Oil Marketing Companies have informed that there will be no increase in retail prices of Petrol and Diesel, subsequent to the increase effected in Excise Duty Rates today.”

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that the increase in excise duty will not affect consumers, saying, “Let me be clear up front: this will not be passed on to the consumer.Please keep in mind that our oil marketing organizations carry stockpiles over a 45-day period, even when the international price of petroleum dropped to about $60 per barrel. If you go back to January, the price of crude was $83, and it later dropped to $75.

Thus, the average price of the crude inventories they have on hand is $75 a barrel.It is reasonable to assume that oil marketing corporations will reduce gasoline and diesel prices to reflect the global pricing. You can anticipate that they will appropriately modify the market retail price in a deregulated industry.

The Congress blasted the government for raising the excise duty on gasoline and diesel after the Center’s pronouncement, claiming that it “must not have been satisfied” with the losses resulting from the stock market crash and that it was adding insult to injury.

Congress president Mallikarjun Kharge wrote, “Vaah Modi Ji Vaah!!” in a Hindi post on X. International crude oil prices have dropped 41% since May 2014, but your rapacious administration has raised the Central Excise Duty by Rs 2 per rather than lowering the cost of gasoline and fuel. “Your government has come to add salt to the wounds after the small and large stock market investors lost Rs 19 lakh crores in one go because of the deep “Kumbhakaran-like” sleep on the tariff policy,” he added.

Emily John

error: Content is protected !!