Fuel price: Centre benefits by Rs 20,255 Crores, companies get 5,200

Kochi: As the rising  fuel prices have been breaking the back of the common man, surplus in crores are being pumped to the cash chests of the Centre, state governments and oil companies. Rs. 20,255 crores are poured into central treasury on account of excise duty, while the state government is benefitting by 512 crore per month.

From June 2017 to July 2018, major oil companies have earned a profit of Rs. 62,451.84 crores, which translates to an average monthly profit for companies for Rs. 5204.32 crores. These figures are answers for the question why governments turn a blind eye while fuel prices surge. Petrol and diesel prices in the state are scaling new heights even as Kerala is struggling to rebound from a devastating flood.

Comparedto quarter-year earnings of the previous year, net profit of Indian Oil Corporation of this year has increased by Rs. 1613 crores.

In July of this year, sales of petrol and diesel have increased by 7.8% and 4.9% respectively. Sales of cooking gas has increased by 6.6% and 12.7 % in household and commercial sector respectively. Government is benefitting more as price and sales are surging.

Governments and companies are not willing to give any relief by cutting down the disproportionate profit earned.