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Excise changes on fuel neutral as petrol hits Rs 73/litre in Delhi (Lead)
New Delhi, Feb 1 (IANS) Even as the Union Budget 2018-19 proposed levy of road and infrastructure cess of Rs 8 per litre on petrol and diesel, while abolishing the additional excise duty of Rs 6, global prices pushed petrol to a nearly three-and-a-half-year high of Rs 73.05 per litre in Delhi on Thursday.
The basic excise duty on unbranded petrol was slashed by Rs 2 from Rs 6.48 per litre and on branded petrol from Rs 7.66 per litre.
Similarly on unbranded diesel, the additional excise duty was brought down from Rs 8.33 per litre to Rs 6.33 per litre and on branded diesel from Rs 10.69 per litre to Rs 8.69 per litre.
Union Finance Secretary Hasmukh Adia told a post-Budget media briefing that the changes won’t affect the customer. Only the devolution of cess has been changed, he said.
The 5 per cent road and infrastructure cess on ethanol-blended petrol up to 10 per cent and bio-diesel up to 20 per cent has been abolished.
Road and infrastructure cess on petrol and diesel manufactured in and cleared from four specified refineries in the northeast has been levied at Rs 4 per litre.
Instead, governed by the dynamic daily pricing system, petrol prices reached landmark levels on Thursday in key metros Kolkata, Mumbai and Chennai at Rs 75.74, Rs 80.91, and Rs 75.77 per litre respectively.
The previous coresponding highs in these cities were Rs 76.14 (Kolkata, August 2014), Rs 81.75 (Mumbai, July 2014) and Rs 75.78 (Chennai, August 2014).
Asked about the cut in excise duty and imposition of road cess in the Budget, analysts said it was the global crude oil prices which were driving petrol and diesel rates.
“That depends on the crude oil price outlook. Crude oil prices have been increasing for the last six months after 2-3 years of lull. So, given that it is free pricing now, any projection on prices of petrol and diesel will be difficult,” Raju Kumar, tax partner, EY, said.
“Finance Minister Arun Jaitly’s populist measure of reducing basic excise duty on fuel comes at a time when petrol prices have hit Rs 80 across major cities in India. For the past few years, the excise on the commodity has always remained steep despite crude prices almost halving since early 2016,” said Saurabh Bhagotra, Solicitor at Zaiwalla & Co.
Global and domestic factors have spiked the fuel prices. Production curbs by the Organisation of the Petroleum Exporting Countries and high demand have led to the surge. On Thursday, price of the Brent crude oil was around $69 per barrel.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.