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Taxes from fuel soars with more cars in Sri Lanka, higher demand

Jul 14, 2016 06:41 AM GMT+0530 | 1 Comment(s)

ECONOMYNEXT - Taxes from fuel has risen six fold in the first four months of 2016 to 17.2 billion rupees with more cars on the road and demand rising after pump prices were cut, official data show.

A finance ministry report said demand was up with the vehicle fleet expanding 11.6 percent and lower pump prices encouraging use.

Excise duty revenues from petroleum products rose 614 percent to 17.2 billion rupees in up to April 2016, from 2.4 billion rupees in 2015.

In early 2015 fuel retail prices were cut sharply cut.

For the full year 2015, the government collected 45.0 billion rupees from fuel taxes, up from 28.7 billion rupee a year earlier.

Octane 92 petrol sales rose 18.7 percent to 911,000 metric tonnes in 2015 from a year earlier.

By end 2015, Sri Lanka charged a 27 rupee per litre excise tax on petrol and only 3 rupees from diesel.

There was also a 35 rupee import duty on petrol, which is mostly paid by Lanka IOC, which does not refine fuel domestically. (Colombo/July17/2016)


 

1 Comments

  1. garawi July 14, 09:42 AM

    Sri Lanka is following a path of destructing the environment when it should follow the rest of the world and try to preserve. The future generations need to breath clean air Tax on electric cars are much lower in other countries where as we have increased it.

    By imposing 300 tax on cars for general public (while MPs pay nothing,which is a different topic ) people are forced to import from a neighbouring country, low quality,cheap cars which emit high amount of CO2 to the atmosphere. If the tax is 10-20 as in many countries people will buy better quality cars and the emission will be less.

    Our FM only thinks of the money he can collect, obviously as he is a businessman,albeit he ran the Sathosa to ground. At least does the President have any idea of saving the environment and take action when the ministers disregard it. Blaming the previous government for the large loans is a valid reason but ruining the environment haphazardly is another thing In a recent event the Vilpattu Jungle was massacared by a minister and no action has been taken against him to recover the jungle Alas

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