Petrol prices to increase in India

2008-05-24T11:36:00.003+05:30

As we're all aware, the price of oil has crossed $130 per barrel. The Indian government has indicated that it will give the green light to the oil companies to increase the prices of petrol by Rs.10 per liter! What the hell are they thinking?????

Did you know that the percentage of government duties, taxes, excise per liter is almost 60% of the price?!

And as is expected from a government, they're to raise the prices so that the oil companies dont bleed to death. Oh my! How gracious of them! Yeah right. Hey government : go screw yourself!

Did it ever occur to them that it would be a better idea to REDUCE the taxes and duties on petrol?

So the oil companies say they're not being able to break even on the oil imports. When the black gold is imported, they pay import duties to the government. What does that mean? It means, the oil company (which is government owned) pays money to the government. The government taxes itself for the import. Wow. Nice. And then, when the oil is refined, the refineries have to pay excise duties etc to guess who? Eureka! you're right! Its the government again! Then the petrol etc is transported through the states to the end users. While being transported through state lines, the truckers are charged state taxes and other crap. Finally, when the petrol reaches you, the price has been inflated a nice 57%. Nice no? Amazing scam going on there to loot you and me.

Of course I'm wasting my breath here trying to take on the moster of government which is always hungry for more and more of the taxpayers' money. Increase the prices and the common man be damned they say as long as we get the meat.

I couldnt find the latest data on the breakdown of taxes/duties/excise per liter so i'm posting 2003 information :

Taxes double price of petrol in India

Pradeep Puri in New Delhi | August 27, 2003 08:12 IST

The government takes away in taxes 57 per cent of the price paid by the consumer for petrol and 33 per cent of retail price of diesel.

The percentage of government taxes on kerosene sold through the public distribution system and liquified petroleum gas comes to a uniform 29 per cent.

This implies that of the total petrol sales revenue of around Rs 27,038 crore (Rs 270.38 billion) during 2002-03, the government pocketed Rs 15,411 crore (Rs 154.11 billion) as taxes. In the case of diesel, the government took away Rs 27,077 crore (Rs 270.77 billion) of the total sale proceeds of Rs 82,054 crore (Rs 820.54 billion).

Though the basic selling price of petrol in Delhi is a mere Rs 13.06 a litre and that of diesel Rs 12.77 a litre, their retail selling prices are Rs 30.30 and Rs 19.08 a litre, respectively.

The difference in the basic and retail prices is on account of a heavy dose of central and state taxes imposed on the two fuels.

Every litre of petrol attracts an excise duty, including additional excise duty, of Rs 10.49, customs duty of Rs 1.61 and state taxes of Rs 5.14, taking the total duties to Rs 17.24.

Total duties on every litre of diesel in Delhi add up to Rs 6.31.

The same is true for PDS kerosene and LPG. While their basic selling prices in Delhi are Rs 6.39 a litre and Rs 171.04 a cylinder, respectively, their retail selling prices in the capital are Rs 8.98 a litre and Rs 241.20 a cylinder.

This implies that the percentage of the central and state taxes of basic price in the two cooking fuels is 40 and 41, respectively.

Here's the link where I got the information : http://www.rediff.com/money/2003/aug/27tax.htm

Doesnt it make ya'll proud and shit to know that you're being robbed in broad daylight by the great government?

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2008-03-22T21:19:00.005+05:30

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2008-02-07T01:13:00.000+05:30

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2008-02-06T23:51:00.000+05:30

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Petrol prices to increase in India

Custom Black Ferrari

Lamborghini Murcielago Replica

FERRARI STRADALE 360. NOT!