An excise duty cut with a rider

02 February, 2018, 10:25 | Author: Teresa Adams
  • Pakistan       by Muhammad Irfan | Published

The budget for 2018-19 has proposed a levy of road and infrastructure cess of Rs 8 per litre on petrol and high-speed diesel oil while abolishing an additional duty of excise of Rs 6 on the same account but officials said it would have no impact on the fuel prices for the end user. It also imposed cess of similar amount on imported petrol and diesel while reducing customs duty by an equal measure. While the government has cut excise duty, petrol prices are likely to remain the same as a new road cess of Rs 8 per litre has been introduced.

Petrol prices in Mumbai have crossed the Rs 80-benchmark.

According to the Finance Commission formula, around 42 per cent of Centre's earnings from excise duty, additional excise duty and customs duty is shared with the states.

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Branded petrol has basic excise duty of Rs 7.66 per litre which has been slashed to Rs 5.66 per litre.

Keeping global factors aside, rise and fall in prices of petrol reflect worldwide trades. Speaking to the public, they still have to buy petrol and diesel at the same price as it is now.

Finance Minister Arun Jaitley had recently said that the Central government favours bringing petrol products under the GST umbrella, but is looking for consensus with state governments to do the same.

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Consumers and tax analysts alike were expecting an excise duty cut in the Budget to offset the rising oil prices. This decision of the government will not provide any relief in the prices of petrol and diesel. He said the price for petrol has been increased by Rs2.98 per litre. The new prices of petrol will stand at Rs84.91 per litre.

The spokesperson further clarified that the overall increase in worldwide prices of crude oil has been around 8.07 per cent with HSD 8.68 per cent and kerosene oil by 8.09 per cent.

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