Coronavirus pandemic: ATF price slashed by 12%; petrol,diesel prices unchanged

Daniel Fowler
March 23, 2020

Among the amendments to the Finance Bill, 2020, that Sitharaman introduced and got the approval of included changes to make NRI-owned business being made liable to pay taxes on income generated by Indian operations only.

Latest Government figures show the average price for a litre of fuel at United Kingdom forecourts on March 16 was 120.3p for petrol and 124.4p for diesel.

Congress chief spokesperson Randeep Surjewala said such an act by the government was "inhumane and heartless", as people were losing their livelihood and the government was making profit by raising excise duties on petrol and diesel. The Finance Ministry has decided to make some amendments to the Finance Bill 2020, wherein the government will be raising special additional excise duty on petrol and diesel by up to ₹ 8 per litre. The amendment gives powers to the government to raise the duty by up to Rs 8 per litre in petrol and diesel at any time it wishes.

Every rupee hike in excise duty is expected to yield roughly Rs 13,000-14,000 crore annually.

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ATF prices, which already were lower than petrol and diesel, are now even lower than the rates of non-subsidised kerosene which comes for Rs 58,818.07 per kl, according to price notification of oil firms. There were, however, cuts of Rs 2 per litre twice on both petrol and diesel in October 2017 and again in October 2018.

The current cap on the same was Rs 10 for petrol and Rs 4 for diesel and can be increased up to Rs 18 and Rs 12 per liter on petrol and diesel.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices. Furthermore, the road and infrastructure cess on petrol and diesel has been hiked by ₹ 1 per litre to ₹ 10 per litre, effectively increasing the central duty on petrol and diesel to Rs 3 per litre.

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