Oil Coys collected Rs 700 Cr in excise duty in 2021-22
Source: The Sangai Express

Imphal, May 27 2022: Oil marketing companies collected around Rs 700 crore as excise duty on petrol and diesel in the State during 2021-22 and the same was accrued to the exchequer of the Union Ministry of Finance.

Sources informed that Indian Oil Corporation Limited (IOCL) sold 693,94,000 litres of petrol, Bharat Petroleum Corporation Limited (BPCL) sold 207,73,000 litres of petrol, Hindustan Petroleum Corporation Limited (HPCL) sold 12,66,000 litres while ESSAR sold 3,87,000 litres of petrol during the financial year 2021-22 in Manipur.

The four oil marketing companies sold 918,20,000 litres of petrol in Manipur during the particular year through their retail outlets.

During the same financial year, IOCL sold 100,225,000 litres of diesel, BPCL sold 228,99,000 litres of diesel, HPCL sold 8,92,000 litres of diesel and ESSAR sold 11,74,000 litres of diesel in the State.

The total figure of diesel sold by the four oil marketing companies was 125,190,000 litres.

Excise duty levied by the Government of India on petrol in 2021-22 was Rs 32.90 per litre approximately.

The corresponding figure for diesel was Rs 31.80 approximately.

If calculated at these rates, the amount collected by the Government of India in excise duty on selling 918,20,000 litres of petrol in Manipur was Rs 302,08,78,000 approximately.

Nonetheless, the excise duties on both petrol and diesel were cut down by Rs 5 since November 2021 .

During the same financial year, the Government of India collected Rs 398,10,42,000 approximately as excise duty through the four oil marketing companies on selling 125,190,000 litres of diesel in the State.

A substantial percentage of the total amount collected by the Government of India as excise duty on petrol and diesel was invested in development works in different sectors, said the sources.

The huge amount collected from States and Union Territories as excise duty on petrol and diesel is generally invested to States and Union Territories for taking up several development works after the same is examined by a high-level committee headed by the Union Finance Minister as chairman, according to the sources.

Out of Rs 32.90 (approximately) collected by the Government of India as excise duty on petrol in 2021-22, Rs 18 was meant to be invested in development of road and infrastructure and Rs 2.50 in agriculture and agricultural infrastructure.

Likewise, out of the excise duty of Rs 31.80 levied on diesel, Rs 18 was meant to be invested in infrastructural development and Rs 4 in agriculture and allied sectors.

The amount supposed to be invested in road and infrastructure out of the total excise duty on petrol collected from the State during 2021-22 was Rs 165,27,60,000 approximately.

The amount meant for investment in agricultural infrastructure was Rs 22,95,50,000 approximately.

The amount supposed to be invested in infrastructural development out of the total excise duty on diesel collected from the State during 2021-22 was Rs 225,34,20,000 approximately.

The amount meant for investment in agriculture and allied sectors was Rs 50,07,60,000 .

As the amount collected annually by the Government of India as excise duty on petrol and diesel from the State is quite big, it would be highly beneficial for the State if the funds invested by the Government of India out of the excise duties on petrol and diesel are utilised properly in different development programmes, the sources added.

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