Petrol and Diesel Price in Bongaigaon
Bongaigaon is a major city in the Indian state of Assam. It is a prominent urban region with booming tourism and industries. This has led to increased demand for petrol and diesel. From individuals to businesses, everyone in Bongaigaon requires petrol, diesel, and other forms of fuel. Thus, their prices play a major role in defining the economic growth of the city.
The petrol and diesel prices in the city are determined by Indian Oil Corporation (IOCL) and they also vary depending on the dynamic market conditions.
Petrol price in Bongaigaon
The petrol price in Bongaigaon today is INR 96.37 per litre. Recently, the price has seen a big reduction compared to yesterday's price. It is varying in the range of INR 96.37 per litre to INR 96.37 per litre.
The petrol price is inclusive of the state and central government excise duties.
Diesel price in Bongaigaon
The diesel price in Bongaigaon today is INR 88.61 per litre.
It has been moving up & down in the range of INR 88.61 per litre to INR 88.61 per litre. The diesel consumption in the city is far greater than any other fossil fuel and powers the vast transport system of the city. We get crude oil from countries like Russia, the United States, and the Middle East. The amount of oil we purchase from these nations and the rupee-dollar exchange rate are the main factors influencing diesel prices.
Excise duties coming from the central and state government also rack up the price slightly. The Assam government has put heavy taxes on the sale of diesel within the diesel.
The state and the central government on fuel tax
A fuel tax is a form of excise tax that is applied on the sale of fuel. In most countries, it is a major source of general revenue for governments. In our country, fuel price varies across states.
The central and state excise duties make up almost half of the petrol pump's price. The taxing structure of the central government is different and amounts to 10-20% of the final consumer price.
On average, all states in India make up about 17-20% of the fuel cost in tax revenue. So, around 60% of the pump cost goes to the government as tax revenue. The VAT (Value Added Tax) further racks up the price for consumers.
In the financial year 2020-21, the total tax revenue for the central government (for petrol and diesel) was INR 3.72 lakh crore. On the other hand, the total state government tax revenue on average was about INR 20,000 crore.
It was estimated that if the petrol and diesel tax rates were to return to the pre-pandemic levels, the central government would have lost about INR 92,000 crore in tax revenue. The taxes on fuel and alcohol are now a highly important source of tax revenue for state governments.
With the increase of a rupee in fuel tax, the central government nets around INR 13,500 crore annually - depending on domestic demand and the international market price of crude oil. Oil Marketing Companies have hiked petrol and diesel prices by INR 12.00 per litre and INR 10.00 per litre respectively after March 2022.
The global price of crude oil has seen a mammoth increase since November 2021 from roughly $25.50 per barrel to $106.50 per barrel. Our country has to import almost 85% of its crude oil needs and this is a major concern going forward.
Conclusion
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