State OMCs spent Rs 1.96 trillion in excise duty in April-December FY21

Excise duty payment by OMCs rises 66% YoY, despite 30% decline in net sales

Excise duty payment by public sector oil-marketing companies (OMCs) touched a new high in the first three quarters of 2020-21 (FY21), despite lower sales volume and revenue.

The five listed OMCs have paid a record Rs 1.96 trillion in excise duties during the nine months of 2020-21 (FY21) — April-December period — surpassing the previous period high of Rs 1.81 trillion in 12 months ended March 2017 and around Rs 1.64 trillion in 2019-20.

With this, these companies have cumulatively spent Rs 10.74 trillion on excise duties since April 2014 — more than twice their cumulative excise payments in the previous 10