FY21 Excise mop-up on fuels zooms by 88%

The Union government’s tax collections on petrol and diesel jumped by 88 per cent to Rs 3.35 lakh crore in the year ended March 31, 2021 after Excise Duty was raised to a record high, the Lok Sabha was informed last month. Excise Duty on petrol was hiked from Rs 19.98 per litre to Rs 32.90 last year to recoup gains arising from international oil prices plunging to multi-year low as pandemic gulped demand. The tax on diesel was raised to Rs 31.80 from Rs 15.83 a litre, according to a written reply by Petroleum Minister junior Rameswar Teli in the Lok Sabha.