New Delhi: Petrol will cost only ₹ 34.04 per cent per litre and diesel ₹ 38.67/litre without taxes and dealer’s commission in the national capital region.
Giving details of the prices of petroleum products as on December 19 in a written reply to the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla said the incidence of taxes and dealers commissions work out to be 96.9 per cent in case of petrol and 60.3 per cent for diesel.
On December 19, the retail price of petrol was ₹ 70.63 a litre. This included, ₹ 17.98 central excise duty, ₹ 15.02 state VAT and ₹ 3.59 commission of dealer.
In case of diesel, the retail price was ₹ 64.54 (central excise duty of ₹ 13.83, state VAT of ₹ 9.51 and dealer commission of ₹ 2.53).
Prices of petrol and diesel, which are market determined, change on daily basis.
The prices of the fuel varies across the country as states and Union Territories levy their own rate of VAT (value added tax).
In another reply, the minister said the Centre collected excise duty of ₹ 73,516.8 crore on petrol and ₹ 1.5 lakh crore on diesel during the last financial year.
In first six months of the current fiscal, the collection stands at ₹ 25,318.1 crore and ₹ 46,548.8 crore for petrol and diesle, respectively.
The government had cut the excise duty on fuel prices in October in order to tackle increasing prices of petrol and diesel.
The estimated loss of revenue to the central government is about ₹ 7,000 crore post the reduction in excise duty on October 4 in the remaining part of the fiscal, the minister added.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.