Since previous year, the oil companies are changing petrol and diesel prices every day after the new dynamic system of fuel prices was introduced.
The re-jig that the government has announced in the Budget to do with the excise duties and cess on petrol and diesel will not affect the end-consumer, but will greatly benefit the Centre as opposed to the States, according to tax analysts. In Delhi, petrol price is Rs 73.10 per litre while diesel is Rs 64.11 per litre.
"Rs 2 excise on petrol and diesel is being reduced and this is being converted into cess".
RAC fuel spokesman Simon Williams says that, while costs are sure to be taking their toll on drivers, there is a "glimmer of hope" that fuel prices will drop again in the near future.
A sales tax of 30% and 19%, respectively, is levied on petrol and diesel in Karnataka, which is much higher than many states. While the price of diesel is at an all-time high, the price of petrol is highest since the Modi government came to power in 2014.
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"We urge fuel retailers to be fair to motorists and pass on the current savings in the wholesale price of petrol and diesel at the pump". Earlier, the prices of petrol and diesel changed fortnightly every month.
Previously, Road and Infrastructure cess on motor spirit stood at Rs 6 per litre. "If prices rise, that would hurt demand growth, which would be credit negative for the oil-marketing companies".
The much-awaited Union Budget 2018 has hiked petrol price, and the diesel price has remained unchanged.
"While this will not have any impact on the end-consumer since the net effect is the same due to the introduction of the cess, the move will benefit the Centre", said Pratik Jain, Leader of Indirect Tax at PwC India. "This may keep the suspense alive on whether the gov't will cut duties to offset any further rise in crude prices", CLSA added.
Firstly, the government earns substantial revenue from petro-products through taxation, as they have been kept out of the Goods and Services Tax (GST) regime.