Petrol price in Madhya Pradesh’s Balaghat breaking all records

Petrol prices are breaking all records, on Saturday 17 July 21, price of petrol in Balaghat MP has reached to Rs. 112.36 per litre, in the midst of pandemic inflation in the country is getting uncontrollable.

Congress leader Sachin Pilot said according to the government data, the excise duty on the petrol has increased by 250 per cent in last seven years, while prices of diesel have increased by 800 per cent. The government collected revenue of 25 lakh crores from this. It’s a direct hit on the pocket of the common man. He further said ‘it is unimaginable that oil prices have crossed 100 in more than 250 cities. So far this year alone, the government has hiked oil prices a total of 66 times.

If we talk about Delhi, on one litre of petrol, the central government charges 33-34 per cent excise duty and the state government charges up to 23 per cent VAT. The central government charges 35.66 per cent and the state government 14.62 per cent on diesel. That is, 55 per cent of petrol price and 50 per cent of diesel price include tax. How much tax is being imposed on petrol and how expensive it becomes by the time it reaches you?

In last six years, government’s income from petrol and diesel has increased by 307 per cent. If the excise duty on petrol and diesel is increased even by one rupee, then the annual income of the government increases by Rs. 14,000 crore. Data from the Ministry of petroleum shows that state governments earned more than Rs. 2 lakh crore in 2019-20 and Rs. 1.35 lakh crore in April-December 2020-21 from VAT on petroleum products. At the same time, the central government earned revenue of Rs. 2.39 lakh crore in 2019-20 and Rs. 3.89 lakh crore in 2020-21 from excise duty on petroleum products.

Oil companies fix petrol and diesel prices daily. Prices started rising from May 4 this year after the results of the assembly elections in five states were announced. So far, petrol has become costlier by about Rs. 11.5 due to increase in prices 41 times. Diesel prices have also increased 37 times in the last 75 days and it has become costlier by Rs. 9.14.