Finally the Modi Government has reduced the price of Petrol and Diesel by Rs. 2 per ltr.
This was done by cutting down on the Excise Duty on Petrol/Diesel which is collected by the Center on every drop of fuel sold.
The Government is claiming that this move has been made keeping in mind the “Public Interest at Large”.
Modi Ji ka public ke liye itna pyaar dekh ke, mere to aankhon mein……. *sniff* *sniff* *sniff* *sniff*
The Media channels are claiming that this is because of the consistent reporting by them on this issue.
The Opposition is claiming that it was because of their pressure that the Government was forced to do this.
I am going to give you two minutes to control your laughter because I want no giggling as I take you through the numbers (oh, you love the numbers dont you) 😛
Since it is the Central Govt who is going overboard with their sympathy for the plight of the common man, I am going to focus only on the taxes that Central Government collects on fuel.
So here goes.
The Central Excise Duty as of 01.04.2014 was Rs. 9.48 /ltr on Petrol and Rs. 3.56 /ltr on Diesel.
By 01.06.2016, the Excise Duty was steadily raised by a whopping Rs. 21.48 /ltr on Petrol and Rs. 17.33 /ltr on Diesel.
Source Written Reply to Query by Petroleum Minister Dharmendra Pradhan in Lok Sabha: http://18.104.22.168/loksabhaquestions/annex/11/AU4039.pdf
So the Excise Duty on Petrol was raised by Rs. 12 per ltr (125% rise in duty collected)
And that on Diesel was raised by Rs. 13.77 per ltr (386% rise in duty collected)
All this in a matter of mere 3 years.
Meanwhile in these three years the Price of import for Crude oil fell from $ 105.52 per barrel in 2014 to $ 45.62 per barrel in 2017.
So basically, when the Modi Government is reducing Rs. 2 from the Excise duty collected and calling it a people friendly move, what it means is that they are going take ONLY Rs. 19.48 per ltr duty on Petrol (which was Rs. 9.48 in 2014) and ONLY Rs. 15.33 per ltr on Diesel (which was Rs. 3.56 in 2014).
Looking at the way this is being touted by the Government and the Media as a “People Friendly Move”, I shudder to think what would have happened if the Government was not ….errrr….. people friendly.
This is like getting mugged in a dark alley by a vicious thug who takes your watch, your wallet, your chain, then your shirt, your pant, your vest and your underpants and then taking pity on you, he gives you back your underpants so you have atleast something left on your body.
Now, you all can definitely go ahead and call that Thug a humanitarian who had sympathetic feelings towards you, but as far as I can see, you were just mugged by a thug in a dark alley 😛
Disclaimer: Bahut hui jhumlon ki maar, Ab ki baar …. Chu mat banao yaar !!!