NEW DELHI: The Centre is set to suffer hefty losses in excise duty on auto and jet fuel in the 21-day lockdown until 14 April, to contain the spread of novel coronavirus, as vehicles barring those being used for emergency and essential services stay off the roads.
Going by the current excise duty applicable on petrol of ₹22.98 a litre and on diesel of ₹18.83 a litre and the consumption trend, the loss for the duration of lockdown could be as high as 16,000 crore.
India, so far this financial year, consumed an average 3.4 billion litres of petrol and 8.3 billion litres of diesel in a month.
With domestic and international air travel suspended, losses from excise duty on aviation turbine fuel levied at 11% of its price will add to these