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Journalism of Courage
The petroleum sector contributed about Rs 1,88,909 crore in the last two fiscals to the central exchequer,Parliament was informed today.
“The contribution of petroleum sector to the central exchequer is Rs 1,02,827 crore in the financial year 2010-11 and Rs 86,082 crore in the year 2011-12 (up to February 2012),” Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha.
He said while in 2010-11,a total of Rs 1,02,827 crore was collected in revenues from customs and cess on crude oil and petroleum products,in the 2011-12 fiscal,up to February this year,as much as Rs 86,082 crore was collected through the same.
“The central government has from time to time impressed upon the states to reduce the state levies in line with the duty cuts undertaken by the central government,” he said.
Replying to another query,Palanimanickam said central excise duty comprises 22.5 per cent in the price of petrol,which costs Rs 65.64 per litre in Delhi,while its proportion in diesel (Rs 40.91 per litre) is five per cent.
