Centre earned Rs 3.35 lakh crore from petrol and diesel through excise duties

The increase in excise duties resulted in Centre witnessing Rs 3.35 lakh crores collection from petrol and diesel in the financial year 2021 so far. As per reports, a jump of 88% excise collection from fuel was reported.

The central government has earned a staggering Rs 3.35 lakh crores from petrol and diesel through excise duties for the financial year 2021.

Between April and June alone, the excise duty collection on petrol and diesel touched Rs 94,181 crore.

Last year around the same time the earning through duties was at Rs 1.78 lakh crores thereby a clear indication of 88% jump in earnings.

While petrol witnessed a jump of 53.29% collection on petrol through excise duties resulting in Rs 1.01 lakh crore compared to last year's Rs 66,276 crore,  diesel witnessed a record 108.24% jump with Rs 2.33 lakh crore compared to last year's Rs 1.12 lakh collection.

As per reports, despite reduction in both petrol and diesel consumption in the financial year 2021, the Centre witnessed massive earnings through duties. Petrol saw a decline of 6.8% consumption and diesel reported a decline of  12%.

According to reports, the Centre hiked excise duty to Rs 32.98 per litre on petrol and Rs 31.83 per litre on diesel during May 2020.

The Centre justified the hike saying it has to take up infrastructure and development projects and also due to existing economic conditions due to pandemic.

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