Petrol will cost only Rs 34 per litre, details here

Petrol will cost only Rs 34.04 per cent per litre and diesel Rs 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 Rs 70.63 a litre. This included, Rs 17.98 central excise duty, Rs 15.02 state VAT and Rs 3.59 commission of dealer. 

In case of diesel, the retail price was Rs 64.54 (central excise duty of Rs 13.83, state VAT of Rs 9.51 and dealer commission of Rs 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 Rs 73,516.8 crore on petrol and Rs 1.5 lakh crore on diesel during the last financial year.

In first six months of the current fiscal, the collection stands at Rs 25,318.1 crore and Rs 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 Rs 7,000 crore post the reduction in excise duty on October 4 in the remaining part of the fiscal, the minister added.