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Prices of petrol and diesel have been made market-determined with effect from 26.06.2010 and 19.10.2014 respectively. Since then, the Public Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and diesel, in line with international product prices and other market conditions. The OMCs have not only increased but also decreased the prices of petrol and diesel, in line with changes in international prices and rupee dollar exchange rate.

The prices of petrol and diesel in the country are benchmarked to their international product prices. Generally, the prices of petroleum products in the country are higher/lower than other countries due to various factors, including prevailing tax regime and subsidy compensations by the respective Governments, the details of which are not maintained by the Government.

The details of monthly price of Indian Basket of crude oil and retail selling prices of petrol/diesel during the last three years are available at the website of Petroleum Planning and Analysis Cell (PPAC) i.e. www.ppac.gov.in.

                        The details of profit after tax earned by Oil Marketing Company from all activities during the last three years and current year is given as under:

                                                                                                 (Rs. Crore)

Companies

2017-18

2018-19

2019-20

Q1-2020-21

IOC

21,346

16,894

1,313

1,911

HPC

6,357

6,029

2,637

2,814

BPC

7,919

7,132

2,683

2,076

 

                        With an aim to reduce the prices of petrol and diesel and give relief to the consumers, the Central Government reduced the Central Excise duty on petrol and diesel by Rs. 2 per litre with effect from 4th October, 2017. The Central Government further reduced the Central Excise duty on petrol and diesel by Rs. 1.5 per litre with effect from 5th October, 2018 and Public Sector OMCs also reduced Rs. 1.00 per litre to reduce the overall price of petrol and diesel. The Central Government also requested the State Governments to make a reduction of Rs. 2.50 per litre in VAT imposed by them on petrol and diesel. 18 State Governments and 1 Union Territory had reduced VAT on petrol and diesel.

                         The details of revenue from central excise duty collected on petrol, high speed diesel oil and aviation turbine fuel (ATF) is as under:

                                                                                                  (Value in Rs. Crores)

Commodity

2017-18

2018-19

2019-20

2020-21 (Apr-Aug)

Petrol

74431

68929

83219

31160

High Speed Diesel

150836

144471

132242

72148

ATF

1938

2540

2002

128

Natural Gas

1059

1547

1614

343

Cess on crude oil

13579

17814

13887

1026*

               Source: DG-Systems-CBIC/PrCCA; *: extrapolated from Apr-July data

 

The total Contribution to Central and State exchequer by the petroleum sector during the last three years and current year is given below:

             

 

 

 

 

 

 

(Rs. Crore)

Particulars

2017-18

2018-19

2019-20

Q1-2020-21 (P)

Total Contribution of Petroleum Sector to Exchequer

5,43,026

5,75,632

5,55,370

81,921

                   

               Based on 16 major oil & gas companies

 

The Government continues to modulate the effective price to consumer for Subsidized Domestic LPG. As Government is modulating the retail price of subsidized domestic LPG, the subsidy on these products increase/ decrease with the corresponding increase/ decrease in the prices of these products in international market.        

This information was given by the Union Minister of Petroleum & Natural Gas Shri Dharmendra Pradhan in the Lok Sabha today in a written reply.

Sources https://pib.gov.in/PressReleseDetail.aspx?PRID=1656643

Prices of Petrol/Diesel
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