Actual cost of petrol is lesser than taxes charged

#hashtags: #Excise

Excise duty on fuel has been hiked five times already this year, and now, it exceeds the actual cost of petrol. Currently, 1 litre of petrol costs Rs. 60.70, out of which, Rs. 31.20 account for central & excise duties. As of now, it costs Rs. 24.75  for petrol refineries to produce 1 litre of petrol. Adding company margin & other costs this 1 litre of petrol is sold to pump dealers at Rs. 27.24 / litre. On this, Rs. 19.06 excise duty is added that the centre collects and a dealer comission of...