India’s petroleum sector contributed Rs 3,49,923 cr to the exchequer from Apr-Sep 21

New Delhi, Dec 6 (FN Bureau) Amid Covid induced disruptions in the economy, India’s petroleum sector contributed Rs 3,49,923 crore to the exchequer in the April to September period of FY 2021-22 with the Centre’s share at 62% and the state exchequer receiving 38% of the amount. In FY 2020-21, the Centre received 68% of the petroleum sector’s total contribution of Rs 6,72,719 crore to the exchequer with the state’s share at 32%. This information was given by the Minister of State in the Ministry of Petroleum and Natural Gas Rameswar Teli in Rajya Sabha on Monday. In the years 2018-19 and in 2019-20, the Centre and the state exchequer each took 60 per cent and 40 per cent of the total amount paid by the oil and gas companies which was Rs 5,75,632 crore and Rs 5,55,370 crore respectively.

The Minister also informed that the excise duty including cess levied by the Government on petrol in 2016 was Rs 21.48 per litre, in 2017 it was Rs 19.48 per litre, in 2018 it was Rs 17.98 per litre and in 2019 it was Rs 19.98 per litre. In 2020 March the excise duty went up to Rs 22.98 and further to Rs 32.98 per litre in May 2020. It then came down to Rs 32.90 per litre in February 2021 and to Rs 27.90 per litre in November 2021. In the case of diesel, from Rs 17.33 per litre in 2016 and 2017, it came down to Rs 13.83 in 2018 and was Rs 15.83 per litre in 2019. The government raised excise duty twice last year from Rs 18.83 per litre in March to Rs 31.83 in May 2020. Then from Rs 31.80 per litre in February 2021, the excise duty came down to Rs 21.80 in November 2021. The Government reduced the Central Excise duty on petrol and diesel by Rs 5 and Rs 10 per litre respectively effective from 4 November, 2021 to boost the economy, consumption and keep inflation low, thus helping the poor and middle classes. Many states/Union Territories also have also reduced the VAT on petrol and diesel subsequently.