Govt hikes excise duty on diesel, petrol by Rs 2/litre

Written By Unknown on Jumat, 16 Januari 2015 | 21.03

According to sources, the oil marketing companies' over-recovery on petrol and diesel now stand at Rs 5 per litre post the hike

The government has hiked excise duty on diesel and petrol by Rs 2 per litre, making it the fourth hike in three months.

The excise duty on unbranded petrol has been hiked to Rs 8.95 per litre, branded petrol to Rs 10.10, unbranded diesel to Rs 7.96 and branded diesel to Rs 10.25 per litre.

According to sources, the oil marketing companies' over-recovery on petrol and diesel now stand at Rs 5 per litre post the hike

RK Singh, Former CMD, BPCL , says he supports the government as he feels there have been too many cuts in the petrol prices in the past.

"The crude prices keep coming down and if you go on reducing and there is unusual reduction in the price then when the crude prices go up and it is bound to go up in the second quarter after the first quarter or second half of 2015 because there are predictions that the prices will start moving up to USD 58-60/barrel," he said.

He feels doesn't feel the government is interfering. "They are only collecting additional money by way of taxes. Now, tomorrow if the crude prices go up to USD 75, let us say, can you increase the price if you cut it down to Rs 35 a litre, can you increase it to Rs 70 in one go? It will become a political issue."

Former Oil Secretary SC Tripathi said so far the government couldn't do anything as prices had not come down. "So when the prices have come down the government is first trying to keep its own fiscal house in order and then the companies' fiscal house and customer comes in the third place."

He however feels that there should be a proper balance. "The government perhaps at the moment is becoming a bit greedy. It has already imposed new taxes or increased taxes by Rs 6-plus in petrol and Rs 5-plus in diesel, and now another Rs 2 has been raised. It doesn't want to expand its tax basket, doesn't want to work on Goods and Services Tax (GST). It wants most of their revenue collections to come from the petroleum product.That is not fair.  The benefit must also pass on to the customer and there must be some ratio, if government takes one rupee, one rupee should go to customer. It can't be the government takes 75 percent, customer only gets 10 percent," he said.

BPCL stock price

On January 16, 2015, Bharat Petroleum Corporation closed at Rs 657.10, down Rs 4.75, or 0.72 percent. The 52-week high of the share was Rs 784.50 and the 52-week low was Rs 325.05.


The company's trailing 12-month (TTM) EPS was at Rs 64.44 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 10.2. The latest book value of the company is Rs 269.11 per share. At current value, the price-to-book value of the company is 2.44.


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