The prices of petrol are lower than the 2013 level and the money collected through taxes on petro products was being used to develop infrastructure and creating educational facilities, government said today.
Union Minister Rajyavardhan Singh Rathore, who was replying to questions in Rajya Sabha on behalf of his colleague Petroleum Minister Dharmendra Pradhan, said the price of petrol had come down from what they were in 2013.
In July-August 2014, the price was 73.60 paise whereas in January 2017 it is 71, he said during the Question Hour.
Increase in excise duty and depreciation of the Rupee are among reasons due to which the slide of petroleum products in international market are not reflected in the retail selling price, he said.
The revenue collected is spent on infrastucture, public schemes and education, which is increasing, Rathore said, adding “we are using that money to provide for the country”.
In the written reply, the government said the price of petroleum in international market started sliding in July 2014 but the retail selling price has not witnessed a similar decline due to some factors.
One of the factors was that the element of excise duty has been gradually increased by Rs 12 per litre on petrol since November 2014, it said, adding that depreciation of the rupee vis-a-vis the dollar was another reason.
Another factor for the domestice prices not showing as much slide as global petrol prices was the increase in VAT and other local levies by the state governments from Read More…
Latest posts by economictimes.indiatimes.com (see all)
- Railways eliminates 3,402 unmanned crossings in 7 months - November 3, 2018
- This is how the situation looks after Centre’s cut in fuel prices - October 4, 2018
- Centre Gives Rs 2.50 Per Litre Relief on Petrol, Diesel; Some States Announce Additional Rs 2.50 Cut - October 4, 2018