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