Petro excise mop-up jumps 74%, feeds inflation with high fuel prices

The government’s revenue collections from excise duty on petroleum products jumped over 74 per cent year-on-year to Rs 3.45 lakh crore in 2020-21, according to government data. The Centre’s total collections from excise duty, which is mainly levied on petroleum products, has already crossed the Rs 1-lakh-crore mark in the first quarter of April-June.

To put the number in perspective, the government’s total excise duty collections in 2020-21 were Rs 3,89,677 crore, of which Rs 3,44,746 crore was from excise on petroleum products. For the previous financial year (2019-20), the total excise duty collections were Rs 2,39,452 crore, of which Rs 2,35,301 crore was collected from excise on petroleum products.