Two days ago the Petroleum minister- Hardeep Singh Puri was asked about the rising fuel prices. Briefing the Lok Sabha about the rising fuel prices in India, Union Petroleum and Natural Gas Minister Hardeep Singh Puri today said the prices are determined based on world market pricing. Puri further said 85% of petroleum products are imported and the world market prices are determined by producing and exporting countries. The Union Minister also mentioned that the pricing of petroleum products in the country is determined after the deregulation of the sector in 2010 by the UPA government. He explained further…he said Typically, on one litre of petrol, if the landed cost is 40, the petroleum companies make ₹4.”” “”On top of that, the Central government imposes an excise of ₹32 per litre. and then he also said that the state govts sometimes raise the VAT on fuel up to 39%. and this is what leads to the Price at which you get your petrol today. But this money that the Centre collects from your purchase of fuel, where does it go? Where does the govt use it? The Petroleum minister said that based on ₹32 per litre that the govt collects by way of central excise, and other excises, they provide “”free vaccines”” to 80 crore Indian citizens, Minimum Support Price (MSP) of 30 to 70 per cent of all major crops since 2014 which benefitted the farmers. Over 10 crore farmer families have benefitted under PM-Kisan Samman Nidhi Yojana.”” In a written reply to the question, he said The government has earned Rs 3.4 lakh crore in the financial year 2020-21 from central excise duty and cess on petroleum products. and a large part of the money is used to provide free vaccines and relief to the poor through the PM Garib Kalyan Yojana, under which free ration was given to 80 crore beneficiaries during April-November in 2020 and May-June this year. The excise duty/cess collected (by the central government) from petrol is Rs 1,01,598 crore and from diesel is Rs 2,33,296 crore during the financial year 2020-21 (that ended on March 31 this year). and mind you the govt itself has admitted in Lok Sabha earlier that the Union government’s tax collections on petrol and diesel have jumped over 300 per cent in the last six years. In the Covid year, when for much of the period, the country was under lockdown. So the money that you pay extra for fuel in way of exorbitant taxes is actually being used to provide “”Free vaccines”” for you and keep you safe from Covid-19.
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