Revenue from taxes on diesel, petrol at Rs 75,441 cr in FY15

Government's revenue collection from taxes on petrol and diesel rose to Rs 75,441 crore in 2014-15, a rise of over 60 per cent from 2012-13, Parliament was informed today.
In 2012-13, the revenue from petrol and diesel stood at Rs 46,926 crore while in 2013-14, the government earned Rs 50,222 crore from these petroleum products, Minister of State for Finance, Jayant Sinha said in a written reply to Lok Sabha.
The tax components include customs revenue and central excise revenue.
Asked about subsidy, Sinha said no such benefit is given for petrol prices since its decontrol in 2010 and since 2014 for diesel.

"Since the price of petrol was made market determined effective June 26, 2010, there is no such subsidy payment for petrol by government since then.
"Further, the price of diesel has also been deregulated effective October 19, 2014," he said.

However, he added that the government gives cash assistance to oil marketing companies (OMCs) for under recoveries.
In 2014-15, Rs 27,308 crore was given to OMCs towards under recoveries, Rs 70,772 crore in 2013-14 and Rs 1 lakh crore was paid in 2012-13.
In reply to a question if the government proposes to reduce duties on petrol and diesel, he said: "There is no such proposal under consideration at present.