SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD DEC 05
MCX SILVER DEC 05
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD DEC 05
MCX SILVER DEC 05
MCX CRUDEOIL NOV 16
MCX NATURALGAS OCT 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

Closing Bell: Sensex ends 155 points lower, Nifty below 14,850; bank and energy sectors down 1%

Asia shares loiter as S&P futures climb fresh peak

Oil edges up on weak dollar; investors weigh rising supplies, demand outlook

Explained: Why rupee weakened after RBI's G-SAP announcement?

Fuel excise collections up even as volumes fall

Updated : October 14, 2020 12:32 PM IST

The central government’s excise duty collection from petrol and diesel already stands at Rs 1.75 lakh crore at the end of the first half of the financial year 2020-2021.

Even as fuel consumption dropped sharply due to the COVID-19-induced lockdowns, the government’s excise collections from these fuel sales have actually grown. The central government’s excise duty collection from petrol and diesel already stands at Rs 1.75 lakh crore at the end of the first half of the financial year 2020-2021.

The target set by the government is Rs 2.45 lakh crore under the basic excise duty, special additional duty of excise on petrol and duty of excise on petrol and diesel.

In terms of sales in H1 of FY21, the volumes were down 20 percent and 25 percent on petrol and diesel respectively compared to the H1 of FY20. The sales volume for petrol and diesel is down for H1FY21, but the excise collection is already higher due to an increase in duties.

Between October 2019 and May 2020, the central government’s excise duty increased by 65 percent on petrol and 101 percent on diesel, which led to a sharp increase in the revenue.

Post unlock, the sales volume in September for petrol was a tad short by 2.43 percent compared with the pre-COVID lockdown level of February this year, but diesel consumption was down 23 percent in September compared to February this year.

It is expected that with the festive season around and pickup in economic activity, fuel consumption is set to grow. At this rate of fuel consumption, the central government is expected to shore up revenue more than its target.

EXCISE ON FUEL

Petrol	H1 FY20	H1 FY21	% change
Volumes Sold	1,53,05,000 MT	1,21,18,000 MT	-20.82
Excise Collected	Rs 43,147.5 Cr	Rs 56,390.84 Cr	30.69

Diesel	H1 FY20	H1 FY21	% change
Volumes Sold	4,13,61,000 MT	3,09,87,000 MT	-25.08
Excise Collected	Rs 79,224 Cr	Rs 1,19,344.26 Cr	50.64

THE ANSWER LIES IN EXCISE DUTY HIKES!

	Sept '19	Sept '20	% change
Petrol	Rs 19.98/ltr	Rs 32.98/ltr	65.07
Diesel	Rs 15.83/ltr	Rs 31.83/ltr	101.07

FUEL CONSUMPTION – WHERE WE STAND?

NOW vs PRE-COVID

	September 2020	February 2020	% change
Petrol	24,50,000 MT	25,11,000 MT	- 2.43
Diesel	54,89,000 MT	71,62,000 MT	-23.36

Published : October 14, 2020 12:32 PM IST

You May Also Like

India's COVID-19 active cases breach 11-lakh mark for first time, record daily high of 1,52,879

India's COVID-19 active cases breach 11-lakh mark for first time, record daily high of 1,52,879

Mcap of four of 10 most valued companies jump over Rs 1.14 lakh crore

Mcap of four of 10 most valued companies jump over Rs 1.14 lakh crore

Ranchi-based start-up Puresh Daily raises Rs 1.2 crore seed fund

Ranchi-based start-up Puresh Daily raises Rs 1.2 crore seed fund

Trending on CNBC-TV18

Live TV

recommended for you