OMCs pay 73% higher excise duty even as crude oil prices decline

The top four OMCs paid all-time high excise duty of Rs 2.87 trn in FY21, up from Rs 1.66 trn in FY20

Oil refineries, OMCs, oil marketing companies

The companies’ finances suggest a five times jump in excise duty on petroleum products in the last seven years.

Krishna Kant Mumbai
If prices of petrol and diesel are burning a hole in your pocket, then blame it on the steep hike in excise duty on transport fuels last year.

The country’s top four oil-refining and -marketing companies paid 73 per cent higher excise duty in FY21 than they did the previous fiscal year.

Together, Indian Oil, Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Mangalore Refinery & Petrochemicals paid Rs 2.87 trillion in FY21, up from Rs 1.66 trillion in FY20.

First Published: May 31 2021 | 06:10 AM IST

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