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Kerala Kaumudi Online
Wednesday, 28 July 2021 11.21 PM IST

Fuel rates: Petrol price to hit century mark in Kerala

petrol

In Kerala, the price of petrol is only 52 paise away from crossing Rs 100. Petrol price rose by 28 paise to Rs 99.48 in Thiruvananthapuram yesterday. Diesel price rose by 27 paise to Rs 94.74 per litre.

States where petrol prices crossed 100
In Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh, petrol prices crossed Rs 100 a few days ago. Ganganagar in Rajasthan has the highest price in the country. On Tuesday, petrol and diesel were sold here at Rs 109.30 and Rs 102.14 respectively.

Why is the price going up?

  • Rising crude oil prices
  • Central and state taxes
  • Depreciation of the rupee

Crude oil prices

India imports 85% of its crude oil. In January, India bought Brent crude from Gulf countries at the rate of $51 per barrel. Now the rate has gone up to $71 per barrel.

Excise tax

Central and state taxes account for about 60 per cent of the retail price of petrol and diesel.

Benefit of the central government

2014-15- Rs 99,068 crore

2015-16- Rs 1.78 lakh crore

2016-17- Rs 2.42 lakh crore

2017-18- Rs 2.29 lakh crore

2018-19- Rs 2.14 lakh crore

2019-20- Rs 2.23 lakh crore

2020-21- Rs 3.9 lakh crore


Benefit of the states

Revenue from taxes on petroleum products in 2019-20 has reached Rs 2 lakh crore. In April-December 2020-21 alone, this amount was Rs 1.30 lakh crore.

Leaping share
Petroleum tax is one-fifth of the total central tax revenue in 2020-21. When Modi came to power in 2014-15, the share was just eight per cent.

Hike in prices

Petrol and diesel

2020 June- Rs 72.99, Rs 67.19

July- Rs 82.15, Rs 77.70

August- Rs 82.15, Rs 78.97

September- Rs 83.91, Rs 79.13

October- Rs 82.89, Rs 76.08

November- Rs 82.89, Rs 75.91

December- Rs 84.34, Rs 78.12

2021 January- Rs 85.72, Rs 79.65

February- Rs 88.33, Rs 82.42

March- Rs 93.05, Rs 87.53

April- Rs 92.44, Rs 86.90

May- Rs 92.28, Rs 86.75

June- Rs 99.48, Rs 94.74

Pricing (Per litre)

Petrol and diesel

Base price Rs 37.29, Rs 39.90

Freight rate: Rs 00.36, Rs 00.33

Central Excise Tax: Rs 32.90, Rs 31.80

State Tax: Rs 25.13, Rs 20.12

Dealer commission: Rs 3.80, Rs 02.59

Total: Rs 99.48, Rs 94.74
(Rates may vary locally)

State sales tax

Petrol

30.08% sales tax + additional sales tax of one rupee per litre + one percent tax

Diesel

22.76% sales tax + additional sales tax of one rupee per litre + one percent tax


Profits of oil companies

Indian Oil: Loss of Rs 1,876 crore in 2019-20; Profit of Rs 21,762 crore profit in 2020-21
BPCL: Loss of Rs 2,958 crore in January-March 2019-20; Profit of Rs 11,940 crore in the same quarter of 2020-21
HP: Profit of Rs 27 crore in January-March 2019-20; Profit of Rs 3,018 crore in the same quarter of 2020-21.

"The Centre needs Rs 35,000 crore for Covid vaccination in a year. The Prime Minister is providing free foodgrains worth Rs 1 lakh crore through the Garib Kalyan Yojana. The PM-Kisan scheme also provides relief to farmers. Support prices for agricultural products have been raised. In that case, it would be impossible to reduce the tax," Union Minister Dharmendra Pradhan said.

Will oppose move to bring petroleum products under GST: Kerala Finance Minister

Finance Minister KN Balagopal said that Kerala will oppose the move to bring petroleum products under the GST. He said that the state government cannot allow the Centre to take away the existing rights of the states to collect taxes. He also said that the GST shortfall compensation should be extended for another five years. The minister was speaking during a press meet organised by the Kesari trust.

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