What was the price of petrol in 2015 in India?

What was the price of petrol in 2015 in India?

61.06 per litre and diesel. Rs. 46.80 per litre. On November 1, the price of petrol was lowered by 50 paise and that of diesel was left unchanged.

What is excise duty in india?

An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).

How the petrol price is calculated in India?

Currently the excise duty levied on petrol by the Indian Government is Rs. 21.48 a litre….How is Petrol Price in India calculated?

Petrol Price * Diesel Price Calculation *
Crude Oil – Cost per Litre Rs 38.97 per Litre Rs 38.97 per Litre

What was petrol rate in 2014?

“Kudos to people for showing the mirror of truth to the tax-parasitic Modi Govt! But do remember, in May 2014 the price of petrol was ₹ 71.41, diesel was ₹ 55.49 per litre and crude Oil was USD 105.71 per Barrel.

What was the petrol price in Jan 2014?

Year/Month Indian Basket Crude Oil ($/bbl.) Petrol (`/Litre)
January, 2014 105.29 71.52
February, 2014 106.19 72.43
March, 2014 105.30 73.16

What will petrol cost 2017?

Freshwater followed at an average of 131.9 pence, then Woolacombe and the Isle of Benecula, in Eilean Siar, jointly at 129.9 pence per litre….The UK’s most expensive fuel.

Town County Diesel
Tighnabruaich Argyll & Bute 135.9
Freshwater The Isle of Wight 131.9
Woolacombe Devon 129.9
The Isle of Benecula Eilean Siar 129.9

What is basic excise duty?

Basic excise duty is also known as the Central Value Added Tax (CENVAT). This category of excise duty was levied on goods that were classified under the first schedule of the Central Excise Tariff Act, 1985. This duty was levied under Section 3 (1) (a) of the Central Excise Act, 1944.

Is GST applicable for petrol?

As of now, the petrol and diesel are out of the GST ambit and is wholly under the state government for the tax levy purpose.

Is GST applicable on petrol pump?

Despite petrol and petroleum products, including diesel and natural gas, being not taxable under GST, filling stations will come under the tax ambit as they also sell lubricants and distilled water, which are not exempt. Therefore, Petrol pump dealer has to take VAT as well as GST registration.

What is the excise duty on petrol and diesel in India?

The central excise duty on petrol and high speed diesel increased from Rs 1.2 per litre and Rs 1.46 per litre to Rs 8.95 per litre and Rs 7.96 per litre respectively during the last two financial years. Revenue from petroleum products went up from Rs 88,000 crore in 2013-14 to Rs 1.99 lakh crore in 2015-16.

What will be the impact of excise duty cut on inflation?

Analysts expect the cut in excise duty to further aid the recovery of the consumption economy and ease concerns over inflation. The excise duty cuts on diesel and petrol will cost Rs 45,000 crore and lead to a 0.3 percentage point widening on the Centre’s fiscal deficit, a foreign brokerage said on Thursday.

What is the price of petrol and diesel in India?

In Delhi, a litre of petrol costs Rs 103.97, and a litre of diesel costs Rs 86.67. Petrol and diesel prices in financial capital Mumbai are Rs 109.98/litre and Rs 94.14/litre respectively.

How much money did India save by storing crude oil underground?

Also, as per the petroleum ministry, India saved over Rs 5,000 crore in April-May 2020 as the government filled its three strategic underground crude oil storage by buying oil at its two-decade low price. The central excise duty on diesel was Rs 3.56 per litre in 2014, which has shot upto Rs 31.8 per litre in 2021 — nearly nine times more.