Another hit of inflation, gas cylinder price increases for the third time in February

Another hit of inflation, gas cylinder price increases for the third time in February

Business Desk: Inflation has hit the general public once again. Oil companies have increased the prices of domestic LPG cylinders, after which the price of 14.2 kg LPG cylinders without subsidies has increased from Rs 769 to Rs 794. LPG cylinder prices have been increased for the third time in February. 

The increased prices are applicable from today, the increased prices have come into force from
25 February 2021 today. The government had increased the LPG price by Rs 25 on February 4. After that on February 15, the price of one cylinder was increased by Rs 50. And now this is the third time when again 25 rupees have been raised. LPG cylinder prices had increased twice in December. On December 1, its rate was increased from Rs 594 to Rs 644, and then on December 15, it was once again raised to Rs 694. 

Oil companies review prices: 
Tell us that oil companies review the prices of LPG cylinders every month. The tax varies from state to state and the price of LPG varies accordingly. Usually companies revise the prices of LPG on the first date of every month and make their information public, but this month prices were revised three times. 

The government provides subsidy on gas cylinders. 
Currently, the government provides subsidy on 12 cylinders of 14.2 kg for each household in a year. If customers want to take more cylinders than this, then they buy them at market price. The price of a gas cylinder varies every month. Its prices determine factors such as average international benchmarks and changes in foreign exchange rates.

In this way, you can check the price of LPG to
check the price of LPG cylinder. You have to go to the website of the government oil company. Companies here issue new rates every month. (https://iocl.com/Products/IndaneGas.aspx) On this link you can check the price of your city gas cylinder


'Government will decide to cut excise duty on petrol and diesel when the time comes'

'Government will decide to cut excise duty on petrol and diesel when the time comes'

Business Desk: Central Board of Indirect Taxes and Customs (CBIC) Chairman M Ajit Kumar said on Tuesday that the government would consider reducing petrol and diesel prices by cutting taxes when the appropriate time comes. The indirect tax collection from record excise duty on petrol and diesel was up 59 percent year-on-year in the financial year 2020-21, ending March 31. 

In a video call with reporters to give information about tax figures, he said, "We hope that the revenue will be good in the coming months." "As far as fuel price cuts are concerned," Kumar said , The Government is constantly on the lookout on this matter and I am confident that a decision will be taken whenever the time comes. Is considering a cut. However, he did not elaborate on the appropriate timing. 

The price of petrol and diesel was
raised by the government by Rs 13 per liter on petrol last year, while on diesel by Rs 16 per liter. The excise duty on petrol is now Rs 32.90 per liter. The petrol rate in Delhi is Rs 90.56 per liter and excise duty is 36 percent. Excise duty on diesel is Rs 31.80 per liter and excise duty is 39 per cent of its retail selling price of Rs 80.87 per liter. 

Adding VAT (value added tax) of states constitutes 55 to 60 per cent of the total tax in retail prices of these fuels. Petrol prices reached Rs 100 a liter in February in some parts of the country, Rajasthan, Maharashtra and Madhya Pradesh, amid the rise in the price of crude oil in the international market. Although assembly elections were announced in five states, including West Bengal, Tamil Nadu and Kerala, the price hike was put on hold. CBIC member (budget) Vivek Johri said one of the reasons for the 59.2 percent increase in excise collection is the increase in the petroleum tax rate. "If there is a deduction, the revenue collection will be affected by the excise duty," he said. 

Tax collection on oil reached Rs 2.94 lakh crore
Last month, Petroleum Minister Dharmendra Pradhan said in Parliament that tax collection on petrol and diesel was Rs 52,537 crore in 2013, which increased to Rs 2.13 lakh crore in 2019-20. At the same time, it increased to Rs 2.94 lakh crore in the first 11 months of 2020-21. CBIC did not separately provide data on excise collection on petrol and diesel in 2020-21.